Cover
Cover - shares | 6 Months Ended | |
Sep. 30, 2020 | Nov. 10, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 | |
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 | |
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 |
Balance Sheets
Balance Sheets - USD ($) | Sep. 30, 2020 | Mar. 31, 2020 |
Current Assets | ||
Cash and cash equivalents | $ 4,088 | $ 5,460 |
Inventories | 246,649 | 246,691 |
Total Current Assets | 250,737 | 252,151 |
Website, net of accumulated amortization of $18,646 and $14,984 at September 30, 2020 and March 31, 2020, respectively | 3,354 | 7,016 |
Total Assets | 254,091 | 259,167 |
Current Liabilities | ||
Accounts payable | 61,057 | 51,098 |
Related-party advances | 130,992 | 130,992 |
Accrued compensation | 221,192 | 221,192 |
Other accrued liabilities | 53,569 | 45,436 |
Current portion of notes payable to shareholder | 137,564 | 70,000 |
Total Current Liabilities | 604,374 | 518,718 |
Notes Payable to shareholder, net of current portion | 166,580 | 221,723 |
Total Liabilities | 770,954 | 740,441 |
Stockholders' Deficit | ||
Common stock: $0.001 par value: 675,000,000 shares authorized: 127,112,660 issued and outstanding at September 30, 2020 and March 31, 2020 | 127,113 | 127,113 |
Additional paid-in capital | 776,963 | 776,963 |
Accumulated deficit | (1,420,939) | (1,385,350) |
Total Stockholders' Deficit | (516,863) | (481,274) |
Total Liabilities and Stockholders' Deficit | $ 254,091 | $ 259,167 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2020 | Mar. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accumulated Amortization, Website | $ 18,646 | $ 14,984 |
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
Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||||
Sales | $ 120 | $ 197 | ||
Cost of Sales | 34 | 42 | ||
Gross Profit | 86 | 155 | ||
Operating Expenses | ||||
General and administrative | 11,809 | 11,385 | 21,126 | 28,211 |
Sales and marketing | 234 | 237 | 1,090 | 14,533 |
Total Operating Expenses | 12,043 | 11,622 | 22,216 | 42,744 |
Operating Loss | (11,957) | (11,622) | (22,061) | (42,744) |
Other Income (Expense): | ||||
Interest expense | (10,808) | (6,762) | (20,132) | (9,889) |
Foreign currency gain | (3,005) | (86) | 6,604 | 1,893 |
Total Other Income (Expense) | (13,813) | (6,848) | (13,528) | (7,996) |
Net Loss | $ (25,770) | $ (18,470) | $ (35,589) | $ (50,740) |
Basic and Diluted Loss per Common Share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Number of Common Shares Outstanding | 127,112,660 | 127,112,660 | 127,112,660 | 127,112,660 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 6 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash Flows From Operating Activities: | ||
Net loss | $ (35,589) | $ (50,740) |
Adjustments to reconcile net loss to cash flows used in operating activities | ||
Depreciation | 3,662 | 2,674 |
Foreign currency adjustments | (6,604) | |
Changes in operating assets and liabilities: | ||
Inventories | 42 | (244,870) |
Prepaid expenses | 9,070 | |
Accounts payable and accrued liabilities | 17,661 | 129,115 |
Net cash flows used in operating activities | (20,828) | (154,751) |
Cash Flows From Investing Activities: | ||
Website development | ||
Net cash used for investing activities | ||
Cash Flows From Financing Activities: | ||
Related-party advances | 2 | |
Proceeds from notes payable to shareholder | 19,456 | 67,256 |
Net cash provided by financing activities | 19,456 | 67,258 |
(Decrease) Increase in cash and equivalents | (1,372) | (87,493) |
Cash and cash equivalents, beginning of period | 5,460 | 88,546 |
Cash and cash equivalents, end of period | 4,088 | 1,053 |
Supplemental Cash Flow Information | ||
Income Taxes | ||
Interest |
Statements of Stockholders' Def
Statements of Stockholders' Deficit - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Balance at Mar. 31, 2019 | $ 127,113 | $ 776,963 | $ (1,273,761) | $ (369,685) |
Balance (in Shares) at Mar. 31, 2019 | 127,112,660 | |||
Net Loss | (32,269) | (32,269) | ||
Balance at Jun. 30, 2019 | $ 127,113 | 776,963 | (1,306,030) | (401,954) |
Balance (in Shares) at Jun. 30, 2019 | 127,112,660 | |||
Net Loss | (18,471) | (18,471) | ||
Balance at Sep. 30, 2019 | $ 127,113 | 776,963 | (1,324,501) | (420,425) |
Balance (in Shares) at Sep. 30, 2019 | 127,112,660 | |||
Balance at Mar. 31, 2020 | $ 127,113 | 776,963 | (1,385,350) | $ (481,274) |
Balance (in Shares) at Mar. 31, 2020 | 127,112,660 | 127,112,660 | ||
Net Loss | (9,817) | $ (9,817) | ||
Balance at Jun. 30, 2020 | $ 127,113 | 776,963 | (1,395,167) | (491,091) |
Balance (in Shares) at Jun. 30, 2020 | 127,112,660 | |||
Net Loss | (25,772) | (25,772) | ||
Balance at Sep. 30, 2020 | $ 127,113 | $ 776,963 | $ (1,420,939) | $ (516,863) |
Balance (in Shares) at Sep. 30, 2020 | 127,112,660 | 127,112,660 |
Nature Of Operations
Nature Of Operations | 6 Months Ended |
Sep. 30, 2020 | |
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 is sold online. The majority of manufacturing, distribution, marketing, and sales operations is outsourced; however, strategic planning and development is performed internally by management. Risks and Uncertainties We expected to launch our marketing campaign in July of the fiscal year ending March 31, 2021. Due to the COVID-19 pandemic, our sales launch has been delayed. We expect to launch by November 2020. Our business and our forward-looking statements involve substantial known and unknown risks and uncertainties, including the risks and uncertainties inherent in our statements regarding the impacts of COVID-19, or other future pandemics on our business, results of operations, financial position and cash flows. |
Basis Of Presentation Of Interi
Basis Of Presentation Of Interim Financial Statements | 6 Months Ended |
Sep. 30, 2020 | |
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 six months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending March 31, 2021. 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, 2020 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, 2020 included within the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission. |
Going Concern
Going Concern | 6 Months Ended |
Sep. 30, 2020 | |
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 as of September 30, 2020, it had excess liabilities over assets of $516,863. These factors raise substantial 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 | 6 Months Ended |
Sep. 30, 2020 | |
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. 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 six months ended September 30, 2020 and 2019 was $1,834 and $3,662 and $1,848 and $3,315, 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 | 6 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 5 – RELATED PARTY TRANSACTIONS Related Party Advances The Company’s former Chief Financial Officer (“CFO”) had advanced the Company monies for operating expenses; no significant amounts were advanced during the periods presented. The related party advances totaled $130,992 as of September 30, 2020 and March 31, 2020, and the advances are due on demand. The related party advances began to accrue interest at ten (10) percent per annum on July 1, 2019. Repayment is due no later than June 30, 2021. Interest expense was $6,567 and $3,302 during the six-month periods ended September 30, 2020 and 2019, respectively. Note Payable to Shareholder 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. During the year ended March 31, 2020, Black Star was issued additional promissory notes. On April 15, 2019, Black Star was issued a promissory note in the principal amount of $67,257 ($90,000 Canadian Funds). The 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 a 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 21, 2021. On October 25, 2019, Black Star was issued a 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 a 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. On January 20, 2020, Black Star was issued a promissory note in the principal amount of $7,565 ($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. On January 31, 2020, Black Star was issued a 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. On February 14, 2020, Black Star was issued a promissory note in the principal amount of $18,000. This note is unsecured and bears interest at ten (10) percent per annum. Repayment of this note is due no later than February 14, 2022. During the six-month period ended September 30, 2020, Black Star was issued an additional promissory note on May 20, 2020 in the principal amount of $7,173 ($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 May 20, 2022. On July 2, 2020, Black Star was issued an additional promissory note in the principal amount of $737 ($1,000 Canadian Funds). This note is unsecured and bears interest at ten (10) percent per annum. Repayment of this note is due no later than July 2, 2022. On July 8, 2020, Black Star was issued an additional promissory note in the principal amount of $741 ($1,000 Canadian Funds). This note is unsecured and bears interest at ten (10) percent per annum. Repayment of this note is due no later than July 8, 2022. On August 4, 2020, Black Star was issued an additional promissory note in the principal amount of $4,515 ($6,000 Canadian Funds). This note is unsecured and bears interest at ten (10) percent per annum. Repayment of this note is due no later than August 4, 2022. On August 18, 2020, Black Star was issued an additional promissory note in the principal amount of $760 ($1,000 Canadian Funds). This note is unsecured and bears interest at ten (10) percent per annum. Repayment of this note is due no later than August 18, 2022. On August 31, 2020, Black Star was issued an additional promissory note in the principal amount of $6,151 ($8,000 Canadian Funds). This note is unsecured and bears interest at ten (10) percent per annum. Repayment of this note is due no later than August 31, 2022. Accrued interest was $33,132 and $7,365 as of September 30, 2020 and, 2019, which is included in other accrued liabilities, respectively. |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Sep. 30, 2020 | |
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. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 7 – SUBSEQUENT EVENTS Subsequent to the six-month period ended September 30, 2020, on October 23, 2020, Black Star Holdings was issued an additional promissory note in the principal amount of $10,245 ($13,500 Canadian Funds). This note is unsecured and bears interest at ten (10) percent per annum. Repayment of this note is due no later than October 23, 2022. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Sep. 30, 2020 | |
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. 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 six months ended September 30, 2020 and 2019 was $1,834 and $3,662 and $1,848 and $3,315, respectively. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Financial Accounting Standards Board issued Accounting Standards Updates (“ASU”) to amend the authoritative literature in the Accounting Standards Codification (“ASC”). There have been a number of ASUs to date that amend the original text of the ASC. The Company believes those updates issued-to-date either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to the Company, or (iv) are not expected to have a significant impact on the Company. |
Nature Of Operations (Details N
Nature Of Operations (Details Narrative) | 6 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Date of Incorporation | Nov. 18, 2005 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||
Total Stockholders' Deficit | $ 516,863 | $ 491,091 | $ 481,274 | $ 420,425 | $ 401,954 | $ 369,685 |
Significant Accounting Polici_3
Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Accounting Policies [Abstract] | ||||
Website Estimated Useful Life | 3 years | 3 years | 3 years | 3 years |
Website Expenses Amortization | $ 1,834 | $ 3,662 | $ 1,848 | $ 3,315 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Related party advances | $ 130,992 | $ 130,992 | ||
Interest Expense | 6,567 | $ 3,302 | ||
Investor [Member] | ||||
Accrued Interest | $ 33,132 | $ 7,365 | ||
Promissory Note [Member] | ||||
Note Issuer | Black Star Holdings Ltd. | Black Star Holdings Ltd. | ||
Issuance Date | May 20, 2020 | |||
Promissory Note Amount | $ 7,173 | $ 70,000 | ||
Interest Rate | 10.00% | 10.00% | ||
Maturity Date | May 20, 2022 | Feb. 19, 2021 | ||
Promissory Note 1 [Member] | ||||
Note Issuer | Black Star Holdings Ltd. | Black Star Holdings Ltd. | ||
Issuance Date | Jul. 2, 2020 | Apr. 15, 2019 | ||
Promissory Note Amount | $ 737 | $ 67,257 | ||
Interest Rate | 10.00% | 10.00% | ||
Maturity Date | Jul. 2, 2022 | Apr. 15, 2021 | ||
Promissory Note 2 [Member] | ||||
Note Issuer | Black Star Holdings Ltd. | Black Star Holdings Ltd. | ||
Issuance Date | Jul. 8, 2020 | Oct. 11, 2019 | ||
Promissory Note Amount | $ 741 | $ 10,000 | ||
Interest Rate | 10.00% | 10.00% | ||
Maturity Date | Jul. 8, 2022 | Oct. 30, 2021 | ||
Promissory Note 3 [Member] | ||||
Note Issuer | Black Star Holdings Ltd. | Black Star Holdings Ltd. | ||
Issuance Date | Aug. 4, 2020 | Oct. 21, 2019 | ||
Promissory Note Amount | $ 4,515 | $ 30,000 | ||
Interest Rate | 10.00% | 10.00% | ||
Maturity Date | Aug. 4, 2022 | Oct. 21, 2021 | ||
Promissory Note 4 [Member] | ||||
Note Issuer | Black Star Holdings Ltd. | Black Star Holdings Ltd. | ||
Issuance Date | Aug. 18, 2020 | Oct. 25, 2019 | ||
Promissory Note Amount | $ 760 | $ 24,500 | ||
Interest Rate | 10.00% | 10.00% | ||
Maturity Date | Aug. 18, 2022 | Oct. 25, 2021 | ||
Promissory Note 5 [Member] | ||||
Note Issuer | Black Star Holdings Ltd. | Black Star Holdings Ltd. | ||
Issuance Date | Aug. 31, 2020 | Dec. 5, 2019 | ||
Promissory Note Amount | $ 6,151 | $ 3,792 | ||
Interest Rate | 10.00% | 10.00% | ||
Maturity Date | Aug. 31, 2022 | Dec. 5, 2021 | ||
Promissory Note 6 [Member] | ||||
Note Issuer | Black Star Holdings Ltd. | |||
Issuance Date | Jan. 20, 2020 | |||
Promissory Note Amount | $ 7,565 | |||
Interest Rate | 10.00% | |||
Maturity Date | Jan. 20, 2022 | |||
Promissory Note 7 [Member] | ||||
Note Issuer | Black Star Holdings Ltd. | |||
Issuance Date | Jan. 31, 2020 | |||
Promissory Note Amount | $ 52,886 | |||
Interest Rate | 10.00% | |||
Maturity Date | Jan. 31, 2022 | |||
Promissory Note 8 [Member] | ||||
Note Issuer | Black Star Holdings Ltd. | |||
Issuance Date | Feb. 14, 2020 | |||
Promissory Note Amount | $ 18,000 | |||
Interest Rate | 10.00% | |||
Maturity Date | Feb. 14, 2022 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] | 1 Months Ended |
Oct. 23, 2020USD ($) | |
Event Date | Oct. 23, 2020 |
Event Description | Subsequent to the six-month period ended September 30, 2020, on October 23, 2020, Black Star Holdings was issued an additional promissory note in the principal amount of $10,245 ($13,500 Canadian Funds). This note is unsecured and bears interest at ten (10) percent per annum. Repayment of this note is due no later than October 23, 2022. |
Note Issuer | Black Star Holdings Ltd. |
Issuance Date | Oct. 23, 2020 |
Promissory Note Amount | $ 10,245 |
Interest Rate | 10.00% |
Maturity Date | Oct. 23, 2022 |