Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2019 | Feb. 11, 2020 | |
Document And Entity Information | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2019 | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 000-53230 | |
Entity Registrant Name | PEPTIDE TECHNOLOGIES, INC. | |
Entity Central Index Key | 0001357878 | |
Entity Tax Identification Number | 32-0535345 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 5348 Vegas Drive #177 | |
Entity Address, City or Town | Las Vegas | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89108 | |
City Area Code | 702 | |
Local Phone Number | 805-7525 | |
Title of 12(g) Security | Common Stock, $0.001 par value per share | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 127,112,660 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2019 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Dec. 31, 2019 | Mar. 31, 2019 |
Current Assets | ||
Cash and equivalents | $ 3,137 | $ 88,546 |
Prepaid expenses | 123,395 | 9,070 |
Prepaid inventories | 124,226 | |
Total Current Assets | 250,758 | 97,616 |
Website, net of accumulated amortization of $12,011 and $7,993 at December 31, 2019 and March 31, 2019, respectively | 3,989 | 8,007 |
Total Assets | 254,747 | 105,623 |
Current Liabilities | ||
Accounts payable | 115,297 | 38,348 |
Related-party advances | 130,992 | 130,990 |
Accrued compensation | 221,192 | 221,192 |
Other accrued liabilities | 22,695 | 14,778 |
Total Current Liabilities | 490,176 | 405,308 |
Note Payable | 205,549 | 70,000 |
Total Liabilities | 695,725 | 475,308 |
Stockholders' Deficit | ||
Common stock: $0.001 par value; 675,000,000 shares authorized; 127,112,660 shares issued and outstanding as of September 30, 2019 and March 31, 2019 | 127,113 | 127,113 |
Additional paid-in capital | 776,963 | 776,963 |
Accumulated deficit | (1,345,054) | (1,273,761) |
Total Stockholders' Deficit | (440,978) | (369,685) |
Total Liabilities and Stockholders' Deficit | $ 254,747 | $ 105,623 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2019 | Mar. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Accumulated Amortization, Website | $ 12,011 | $ 7,993 |
Common stock par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 675,000,000 | 675,000,000 |
Common stock, shares issued | 127,112,660 | 127,112,660 |
Common stock, shares outstanding | 127,112,660 | 127,112,660 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue | ||||
Sales | $ 1,671 | $ 1,671 | ||
Total Sales | 1,671 | 1,671 | ||
Cost of Sales | ||||
Purchases | 194 | 194 | ||
Total Cost of Sales | 194 | 194 | ||
Gross Profit | 1,477 | 1,477 | ||
Operating Expenses | ||||
General and administrative | 12,535 | 51,990 | 40,745 | 75,379 |
Sales and marketing | 1,570 | 16,103 | ||
Research and development | 300 | 300 | ||
Total Operating Expenses | 14,105 | 52,290 | 56,848 | 75,679 |
Operating Loss | (12,628) | (52,290) | (55,371) | (75,679) |
Other Expense | ||||
Interest expense | (8,028) | (17,917) | ||
Foreign Currency gain (loss) | 102 | (1,455) | 1,995 | (1,448) |
Net Loss | $ (20,554) | $ (53,745) | $ (71,293) | $ (77,127) |
Basic and Diluted Loss per Common Share | ||||
Weighted Average Number of Common Shares Outstanding | 127,112,660 | 127,112,660 | 127,112,660 | 127,112,660 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flows From Operating Activities: | ||
Net loss | $ (71,293) | $ 45,000 |
Adjustments to reconcile net loss to cash flows used in operating activities | ||
Depreciation and amortization | 4,018 | 4,019 |
Stock-based compensation | 45,000 | |
Changes in operating assets and liabilities: | ||
Inventories | (124,226) | |
Prepaid inventory | (114,325) | |
Accounts payable and accrued liabilities | 84,866 | 4,585 |
Net cash used in operating activities | (220,960) | (23,523) |
Cash Flows From Investing Activities: | ||
Website development | ||
Net cash used for investing activities | ||
Cash Flows From Financing Activities: | ||
Related-party advances | 2 | 53,874 |
Proceeds from issuances of notes payable | 135,549 | |
Net cash provided by financing activities | 135,551 | 53,874 |
(Decrease) Increase in cash and equivalents | (85,409) | 30,351 |
Cash and cash equivalents, beginning of period | 88,546 | 1,728 |
Cash and cash equivalents, end of period | $ 3,137 | $ 32,079 |
Statements of Stockholders' Def
Statements of Stockholders' Deficit (Unaudited) - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Balance at Mar. 31, 2018 | $ 127,113 | $ 713,963 | $ (1,180,182) | $ (321,106) |
Balance (in Shares) at Mar. 31, 2018 | 127,112,660 | |||
Net Loss | 45,000 | 45,000 | ||
Balance at Dec. 31, 2018 | $ 127,113 | 776,963 | (1,257,309) | (353,233) |
Balance (in Shares) at Dec. 31, 2018 | 127,112,660 | |||
Balance at Mar. 31, 2019 | $ 127,113 | 776,963 | (1,273,761) | $ (369,685) |
Balance (in Shares) at Mar. 31, 2019 | 127,112,660 | 127,112,660 | ||
Net Loss | (71,293) | $ (71,293) | ||
Balance at Dec. 31, 2019 | $ 127,113 | $ 776,963 | $ (1,345,054) | $ (440,978) |
Balance (in Shares) at Dec. 31, 2019 | 127,112,660 | 127,112,660 |
Nature Of Operations
Nature Of Operations | 9 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature Of Operations | NOTE 1 – NATURE OF OPERATIONS Peptide Technologies, Inc. (the “Company” or “Peptide”), was incorporated in the State of Nevada, United States of America, on November 18, 2005. The Company’s business is to develop and market proprietary skincare products which will be sold online. The majority of manufacturing, distribution, marketing and sales operations will be outsourced; however, strategic planning and development will be performed internally by the Company. We commenced product sales in December 2019. |
Basis Of Presentation Of Interi
Basis Of Presentation Of Interim Financial Statements | 9 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [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, 2019 are not necessarily indicative of the results that may be expected for the year ending March 31, 2020. 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, 2019 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, 2019 included within the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission. |
Going Concern
Going Concern | 9 Months Ended |
Dec. 31, 2019 | |
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 $1,345,054 as of December 31, 2019. The Company also has excess liabilities over assets of $440,978. 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 add new products and/or services to 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, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | NOTE 4 –SIGNIFICANT ACCOUNTING POLICIES Revenue Recognition We offer skincare products through our online store. Revenues are recognized gross when control of our goods are transferred to the customer, which generally occurs upon delivery to the customer. At the time an order is accepted, prices are fixed and determinable and are not subject to adjustment. We do not offer refunds, returns or exchanges. All sales are final. We reserve the right to refuse all returns, reshipments and refunds. The Company defers revenue where the earnings process is not yet complete. Inventories Inventory of retail merchandise is valued at the lower of cost and net realizable value with a cost being determined on a first-in, first out method. Costs includes all costs of manufacturing the product, packaging, cost of conversion and other costs incurred in bringing the inventory to its present condition and location. 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 expense for the three and nine months ended December 31, 2019 and December 31, 2018 was $1,344 and $4,018 and $1,344 and $4,019, respectively. Recent Accounting Pronouncements The Financial Accounting Standards Board issued 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, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 5 – RELATED PARTY TRANSACTIONS The Company’s former Chief Financial Officer (“CFO”) advanced zero and $53,874 to the Company during the nine months ended December 31, 2019 and 2018, respectively, to pay for operating expenses. The related party advances totaled $130,992 and $130,990 as of December 31, 2019 and March 31, 2019, respectively. The advances are due on demand. The related party advances began to accrue interest at ten (10) percent per annum on July 1, 2019, payable on demand. Interest expense was $6,603 during the nine months ended December 31, 2019, which is included in other accrued liabilities at December 31, 2019. |
Notes Payable
Notes Payable | 9 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Notes Payable | NOTE 6 – NOTES PAYABLE During the year ended March 31, 2019, Black Star Holdings Ltd. (“Black Star”), a shareholder of the Company, was issued a promissory note in the principal amount of $70,000. The note is unsecured and bears interest at ten (10) percent per annum. Repayment of this note is due no later than February 19, 2021. On April 15, 2019, Black Star was issued an additional promissory note in the principal amount of $67,256 ($90,000 Canadian Funds), payable in Canadian dollars. This note is unsecured and bears interest at ten (10) percent per annum. Repayment of the note is due no later than April 15, 2021. On October 11, 2019, Black Star was issued a promissory note in the principal amount of $10,000. This note is unsecured and bears interest at ten (10) percent per annum. Repayment of this note is due no later than October 30, 2021. On October 21, 2019, Black Star was issued an additional promissory note in the principal amount of $30,000. This note is unsecured and bears interest at ten (10) percent per annum. Repayment of this note is due no later than October 30, 2021. On October 25, 2019, Black Star was issued an additional promissory note in the principal amount of $24,500. This note is unsecured and bears interest at ten (10) percent per annum. Repayment of this note is due no later than October 25, 2021. On December 5, 2019, Black Star was issued an additional promissory note in the principal amount of $3,792 ($5,000 Canadian Funds). This note is unsecured and bears interest at ten (10) percent per annum. Repayment of this note is due no later than December 5, 2021. Aggregate interest expense was $11,314 and $778 during the nine months ended December 31, 2019 and December 31, 2018, which is included in other accrued liabilities at December 31, 2019. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | NOTE 7 – 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. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 8 – SUBSEQUENT EVENTS In January 20, 2020, Black Star was issued an additional promissory note in the principal amount of $7,656 ($10,000 Canadian Funds). This note is unsecured and bears interest at ten (10) percent per annum. Repayment of this note is due no later than January 20, 2022. January 31, 2020, Black Star was issued an additional promissory note in the principal amount of $52,886 ($70,000 Canadian Funds). This note is unsecured and bears interest at ten (10) percent per annum. Repayment of this note is due no later than January 31, 2022. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Revenue Recognition | Revenue Recognition We offer skincare products through our online store. Revenues are recognized gross when control of our goods are transferred to the customer, which generally occurs upon delivery to the customer. At the time an order is accepted, prices are fixed and determinable and are not subject to adjustment. We do not offer refunds, returns or exchanges. All sales are final. We reserve the right to refuse all returns, reshipments and refunds. The Company defers revenue where the earnings process is not yet complete. |
Inventories | Inventories Inventory of retail merchandise is valued at the lower of cost and net realizable value with a cost being determined on a first-in, first out method. Costs includes all costs of manufacturing the product, packaging, cost of conversion and other costs incurred in bringing the inventory to its present condition and location. |
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 expense for the three and nine months ended December 31, 2019 and December 31, 2018 was $1,344 and $4,018 and $1,344 and $4,019, respectively. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Financial Accounting Standards Board issued Accounting Standards Updates (“ASU”) to amend the authoritative literature in the Accounting Standards Codification (“ASC”). There have been a number of ASUs to date that amend the original text of the ASC. The Company believes those updates issued-to-date either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to the Company, or (iv) are not expected to have a significant impact on the Company. |
Nature Of Operations (Details N
Nature Of Operations (Details Narrative) | 9 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Date of Incorporation | Nov. 18, 2005 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Accumulated deficit | $ 1,345,054 | $ 1,273,761 | ||
Total Stockholders' Deficit | $ 440,978 | $ 369,685 | $ 353,233 | $ 321,106 |
Significant Accounting Polici_3
Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | ||||
Website Estimated Useful Life | 3 years | 3 years | ||
Website Expenses Amortization | $ 1,344 | $ 4,018 | $ 1,344 | $ 4,019 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 9 Months Ended | ||
Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Related party advances | $ 130,992 | $ 130,990 | |
Interest Expense | 6,603 | ||
Chief Executive Officer [Member] | |||
Related party advances | $ 0 | $ 53,874 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - USD ($) | 1 Months Ended | 9 Months Ended | 11 Months Ended | ||||||
Dec. 31, 2019 | Oct. 30, 2019 | Apr. 15, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | Oct. 25, 2019 | Oct. 21, 2019 | Oct. 11, 2019 | |
Interest Expense | $ 11,314 | $ 778 | |||||||
Black Star Holdings Ltd. | (1) [Member] | |||||||||
Debt Instrument Face Amount | $ 70,000 | ||||||||
Interest Rate | 10.00% | ||||||||
Maturity Date | Feb. 19, 2021 | ||||||||
Black Star Holdings Ltd. | (2) [Member] | |||||||||
Debt Instrument Face Amount | $ 67,256 | ||||||||
Interest Rate | 10.00% | ||||||||
Maturity Date | Apr. 15, 2021 | ||||||||
Black Star Holdings Ltd. | (3) [Member] | |||||||||
Debt Instrument Face Amount | $ 10,000 | ||||||||
Interest Rate | 10.00% | ||||||||
Maturity Date | Oct. 30, 2021 | ||||||||
Black Star Holdings Ltd. | (4) [Member] | |||||||||
Debt Instrument Face Amount | $ 30,000 | ||||||||
Interest Rate | 10.00% | ||||||||
Maturity Date | Oct. 30, 2021 | ||||||||
Black Star Holdings Ltd. | (5) [Member] | |||||||||
Debt Instrument Face Amount | $ 24,500 | ||||||||
Interest Rate | 10.00% | ||||||||
Maturity Date | Oct. 25, 2021 | ||||||||
Black Star Holdings Ltd. | (6) [Member] | |||||||||
Debt Instrument Face Amount | $ 3,792 | $ 3,792 | |||||||
Interest Rate | 10.00% | 10.00% | |||||||
Maturity Date | Dec. 5, 2021 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) | 9 Months Ended |
Dec. 31, 2019 | |
Promissory Note (1) | |
Event Description | In January 20, 2020, Black Star was issued an additional promissory note in the principal amount of $7,656 ($10,000 Canadian Funds). This note is unsecured and bears interest at ten (10) percent per annum. Repayment of this note is due no later than January 20, 2022. |
Promissory Note (2) | |
Event Description | January 31, 2020, Black Star was issued an additional promissory note in the principal amount of $52,886 ($70,000 Canadian Funds). This note is unsecured and bears interest at ten (10) percent per annum. Repayment of this note is due no later than January 31, 2022. |