Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Mar. 31, 2017 | Aug. 27, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | Alterola Biotech Inc. | |
Entity Central Index Key | 1,442,999 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 114,980,000 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,017 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2017 | Sep. 30, 2016 |
Current Assets | ||
Cash and equivalents | ||
Website, net | 1,033 | 2,583 |
TOTAL ASSETS | 1,033 | 2,583 |
Current Liabilities | ||
Accrued expenses | 12,077 | 11,351 |
Accrued interest | 88,778 | 79,528 |
Advances from director | 750 | 750 |
Notes payable | 175,000 | 175,000 |
Total Liabilities | 276,605 | 266,629 |
Stockholders’ Deficit | ||
Preferred Stock, $.001 par value, 10,000,000 shares authorized, -0- shares issued and outstanding | 0 | 0 |
Common Stock, $.001 par value, 140,000,000 shares authorized, 114,980,000 shares issued and outstanding | 114,980 | 114,980 |
Additional paid-in capital | 132,850 | 132,850 |
Deficit accumulated | (523,402) | (511,876) |
Total Stockholders’ Deficit | (275,572) | (264,046) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ 1,033 | $ 2,583 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) | Mar. 31, 2017$ / sharesshares |
Statement of Financial Position [Abstract] | |
Common stock, Par Value | $ / shares | $ .001 |
Common stock, Issued | 114,980,000 |
Preferred Stock, Issued | 0 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||||
REVENUES | $ 0 | $ 0 | $ 0 | $ 0 |
OPERATING EXPENSES | ||||
Amortization | 775 | 775 | 1,550 | 1,550 |
Accounting and audit fees | 250 | 1,000 | 500 | 1,000 |
Legal fees | 0 | 2,191 | 0 | 5,995 |
General and administrative expenses | 5 | 2,043 | 226 | 2,318 |
TOTAL OPERATING EXPENSES | 1,030 | 6,009 | 2,276 | 10,863 |
LOSS FROM OPERATIONS | (1,030) | (6,009) | (2,276) | (10,863) |
OTHER INCOME (EXPENSE) | ||||
Interest expense | (4,625) | (4,625) | (9,250) | (8,769) |
Forgiveness of debt | 0 | 0 | 0 | 10,173 |
TOTAL OTHER INCOME (EXPENSE) | (4,625) | (4,625) | (9,250) | 1,404 |
PROVISION FOR INCOME TAXES | 0 | 0 | 0 | 0 |
NET (LOSS) | $ (5,655) | $ (10,634) | $ (11,526) | $ (9,459) |
NET (LOSS) PER SHARE: BASIC AND DILUTED | $ 0 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 114,980,000 | 114,980,000 | 114,980,000 | 114,980,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income (loss) for the period | $ (5,655) | $ (10,634) | $ (11,526) | $ (9,459) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Amortization | 775 | 775 | 1,550 | 1,550 |
Changes in assets and liabilities: | ||||
Increase (decrease) in accrued expenses | 726 | (25,673) | ||
Increase in accrued interest | 9,250 | 8,769 | ||
Net Cash Used by Operating Activities | 0 | (24,813) | ||
Acquisition of intellectual property | 0 | 0 | ||
Website development | 0 | 0 | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from notes payable | 0 | 25,000 | ||
Net Cash Provided by Financing Activities | 0 | 25,000 | ||
Net Increase in Cash and Cash Equivalents | 0 | 187 | ||
Cash and equivalents, beginning of period | 0 | 2,631 | ||
Cash and equivalents, end of period | $ 0 | $ 2,818 | 0 | 2,818 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||||
Interest paid | 0 | 0 | ||
Income taxes paid | $ 0 | $ 0 |
NATURE OF BUSINESS
NATURE OF BUSINESS | 6 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF BUSINESS | NOTE 1 – NATURE OF BUSINESS Alterola Biotech, Inc. (“Alterola” and the “Company”) is a development stage company and was incorporated in Nevada on July 21, 2008. The Company was formed to acquireexploration and development stage mineral properties. On October 1, 2008, the Company incorporated JRE Exploration Ltd, (“JRE”) a wholly owned subsidiary in Canada to hold its Canadian mineral claims. On May 3, 2010, the Company changed its focus to the development of intellectual property and accordingly sold JRE to the former president. (See Note 3). In keeping with the change of business focus, on July 9, 2010, the Company changed its name to Alterola Biotech Inc. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Basis The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting). The Company has adopted a September 30 fiscal year end. Basis of Presentation The accompanying unaudited interim financial statements of Alterola Biotech Inc. were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the financial statements and notes thereto contained in the Company’s registration statement filed with the SEC on Form 10-K . In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for the financial statements to be not misleading have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the financial statements for the most recent fiscal year 2016 as reported in Form 10-K, have been omitted. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Equivalents For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Intellectual Property The Company does not amortize intangible assets with indefinite useful lives, rather such assets are required to be tested for impairment at least annually or sooner whenever events or changes in circumstances indicate that the assets may be impaired. The Company amortizes its intangible assets with definite lives over their estimated useful lives and reviews these assets for impairment. The Company will amortize its acquired intangible assets with definite lives over the estimated economic life of the completed product. Website Development Costs Costs incurred in developing and maintaining a website are expensed when incurred for the planning, content population, and administration or maintenance of the website. All development costs for the application, infrastructure, and graphics development are capitalized and subsequently reported at the lower of unamortized cost or net realizable value. Capitalized costs are amortized using straight-line basis over two years, the estimated economic life of the completed website. Amortization for the company’s website was $1,550 and $1,550 for the six months ended March 31, 2017 and 2016 respectively. Fair Value of Financial Instruments Alterola’s financial instruments consist of cash and equivalents, accrued expenses, accrued interest and notes payable. The carrying amount of these financial instruments approximates fair value (“FV”) due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. FV is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The FV should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the FV of liabilities should include consideration of non-performance risk including our own credit risk. In addition to defining FV, the disclosure requirements around FV establish a FV hierarchy for valuation inputs which is expanded. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring FV are observable in the market. Each FV measurement is reported in one of the three levels which is determined by the lowest level input that is significant to the FV measurement in its entirety. These levels are: Level 1 – inputs are based upon unadjusted quoted prices for identical instruments traded in active markets. Level 2 – inputs are based upon significant observable inputs other than quoted prices included in Level 1, such as quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Fair Value of Financial Instruments (continued) Level 3 – inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The FVs are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. The carrying value of the Company’s financial assets and liabilities which consist of cash, accounts payable and accrued liabilities, and notes payable are valued using level 1 inputs. The Company believes that the recorded values approximate their FV due to the short maturity of such instruments. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest, exchange or credit risks arising from these financial instruments. Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. Revenue Recognition The Company will recognize revenue when products are fully delivered or services have been provided and collection is reasonably assured. Loss Per Common Share Basic loss per share is calculated using the weighted-average number of common shares outstanding during each reporting period. Diluted loss per share includes potentially dilutive securities such as outstanding options and warrants, using various methods such as the treasury stock or modified treasury stock method in the determination of dilutive shares outstanding during each reporting period. The Company does not have any potentially dilutive instruments. Stock-Based Compensation Stock-based compensation is accounted for at FV in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842). The guidance in ASU 2016-02 supersedes the lease recognition requirements in ASC Topic 840, Leases (FAS 13). ASU 2016-02 requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the effect this standard will have on its financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The standard should be applied prospectively on or after the effective date. The Company will evaluate the impact of adopting this standard prospectively upon any transactions of acquisitions or disposals of assets or businesses. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its FV, not to exceed the carrying amount of goodwill. The guidance should be adopted on a prospective basis for the annual or any interim goodwill impairment tests beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact of adopting this standard on its financial statements. In June 2018, the FASB issued ASU 2018-07, “Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting,” which simplifies the accounting for share-based payments granted to nonemployees for goods and services and aligns most of the guidance on such payments to nonemployees with the requirements for share-based payments granted to employees. ASU 2018-07 becomes effective for the Company on January 1, 2019. Early adoption is permitted. The adoption of this accounting pronouncement is not expected to have an impact on the Company's financial statements. Alterola has reviewed recent accounting pronouncements issued to the date of the issuance of these financial statements, and we do not believe any of these pronouncements will have a material impact on the Company. |
ACCRUED EXPENSES
ACCRUED EXPENSES | 6 Months Ended |
Mar. 31, 2017 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | NOTE 3 – ACCRUED EXPENSES Accrued expenses consisted of the following at March 31, 2017 and September 30, 2016 (audited): March 31, 2017 September 30, 2016 Audit fees $ 1,000 $ 1,000 Accounting 3,100 2,600 Legal fees 7,977 7,751 Total Accrued Expenses $ 12,077 $ 11,351 During the period ended December 31, 2015, the Company negotiated a settlement of certain legal expenses, in which $10,173 of accrued invoices was forgiven. |
NOTES PAYABLE
NOTES PAYABLE | 6 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
NOTES PAYABLE | NOTE 4 – NOTES PAYABLE Notes payable consisted of the following at March 31, 2017 and September 30, 2016 (audited): March 31, 2017 September 30, 2016 Note payable, unsecured, bearing interest at 12% per annum, due on June 26, 2011 $ 30,000 $ 30,000 Convertible note payable, unsecured, bearing interest at 12% per annum, due on July 24, 2011 50,000 50,000 Note payable, unsecured, bearing interest at 10% per annum plus financing charge of $2,500, due on October 10, 2013 27,500 27,500 Note payable, unsecured, bearing interest at 10% per annum plus financing charge of $1,500, due on February 13, 2014 16,500 16,500 Note payable, unsecured, non interest bearing with finance charge of $1,500 due on March 31, 2014 6,000 6,000 Note payable, unsecured, bearing interest at 10% per annum, due on demand 20,000 20,000 Note payable, unsecured, bearing interest at 10% per annum, due on demand 25,000 25,000 Total Notes payable $ 175,000 $ 175,000 NOTE 4 – NOTES PAYABLE (CONTINUED) The Convertible note is convertible at the option of the holder. The number of shares of common stock into which the convertible note will be converted is determined by the Fair Market Price (“FMV”) of the common stock at the date of conversion. In the event there is no determinable market price the FMV shall be: a) The share price at the last private offering of the common stock, or, b) the 30 day moving average of the Common Stock in the event a public listing of the common stock has taken place. Notes payable of $130,000 are currently in default as of the date of issuance of these financial statements. Interest expense for these notes was $9,250 and $8,769 for the six months ended March 31, 2017 and 2016, respectively. Financing costs are amortized over the term of the loan. As of March 31, 2017 financing costs of $nil has been expensed in the statement of operations and unamortized financing costs of $nil are deferred on the balance sheet. |
CAPITAL STOCK
CAPITAL STOCK | 6 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
CAPITAL STOCK | NOTE 5 – CAPITAL STOCK The Company has 114,980,000 and 114,980,000 shares of common stock issued and outstanding as of March 31, 2017 and September 30, 2016 respectively. There are no shares of preferred stock issued and outstanding as of March 31, 2017 and September 30, 2016. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 6 – RELATED PARTY TRANSACTIONS Alterola neither owns nor leases any real or personal property. An officer has provided office space without charge. There is no obligation for the officer to continue this arrangement. Such costs are immaterial to the financial statements and accordingly are not reflected herein. The officers and directors are involved in other business activities and most likely will become involved in other business activities in the future. |
LIQUIDITY & GOING CONCERN
LIQUIDITY & GOING CONCERN | 6 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
LIQUIDITY & GOING CONCERN | NOTE 7 – LIQUIDITY & GOING CONCERN Alterola has negative working capital, has incurred losses since inception, and has not yet received revenues from sales of products or services. These factors create substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustment that might be necessary if the Company is unable to continue as a going concern. The ability of Alterola to continue as a going concern depends on the Company generating cash from the sale of its common stock and/or obtaining debt financing and attaining future profitable operations. Management’s plans include selling its equity securities and obtaining debt financing to fund its capital requirement and ongoing operations; however, there can be no assurance the Company will be successful in these efforts. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8 – SUBSEQUENT EVENTS In accordance with ASC Topic 855-10, the Company has analyzed its operations subsequent to March 31, 2017 to the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements. In April 2017, the Company entered into an assignment agreement with its director to convey all assets and intellectual property to its former director for the cancellation of 37,000,000 shares of the Company. |
SUMMARY OF SIGNIFICANT ACCOUN14
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Accounting Basis | Accounting Basis The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting). The Company has a September 30 fiscal year end. |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim financial statements of Alterola Biotech Inc. were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the financial statements and notes thereto contained in the Company’s registration statement filed with the SEC on Form 10-K . In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for the financial statements to be not misleading have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the financial statements for the most recent fiscal year 2016 as reported in Form 10-K, have been omitted. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Equivalents For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. |
Intellectual Property | Intellectual Property The Company does not amortize intangible assets with indefinite useful lives, rather such assets are required to be tested for impairment at least annually or sooner whenever events or changes in circumstances indicate that the assets may be impaired. The Company amortizes its intangible assets with definite lives over their estimated useful lives and reviews these assets for impairment. The Company will amortize its acquired intangible assets with definite lives over the estimated economic life of the completed product. |
Website Development Costs | Website Development Costs Costs incurred in developing and maintaining a website are expensed when incurred for the planning, content population, and administration or maintenance of the website. All development costs for the application, infrastructure, and graphics development are capitalized and subsequently reported at the lower of unamortized cost or net realizable value. Capitalized costs are amortized using straight-line basis over two years, the estimated economic life of the completed website. Amortization for the company’s website was $1,550 and $1,550 for the six months ended March 31, 2017 and 2016 respectively. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Alterola’s financial instruments consist of cash and equivalents, accrued expenses, accrued interest and notes payable. The carrying amount of these financial instruments approximates fair value (“FV”) due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. FV is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The FV should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the FV of liabilities should include consideration of non-performance risk including our own credit risk. In addition to defining FV, the disclosure requirements around FV establish a FV hierarchy for valuation inputs which is expanded. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring FV are observable in the market. Each FV measurement is reported in one of the three levels which is determined by the lowest level input that is significant to the FV measurement in its entirety. These levels are: Level 1 – inputs are based upon unadjusted quoted prices for identical instruments traded in active markets. Level 2 – inputs are based upon significant observable inputs other than quoted prices included in Level 1, such as quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Fair Value of Financial Instruments (continued) Level 3 – inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The FVs are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. The carrying value of the Company’s financial assets and liabilities which consist of cash, accounts payable and accrued liabilities, and notes payable are valued using level 1 inputs. The Company believes that the recorded values approximate their FV due to the short maturity of such instruments. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest, exchange or credit risks arising from these financial instruments. |
Income Taxes | Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. |
Revenue Recognition | Revenue Recognition The Company will recognize revenue when products are fully delivered or services have been provided and collection is reasonably assured. |
Loss Per Common Share | Loss Per Common Share Basic loss per share is calculated using the weighted-average number of common shares outstanding during each reporting period. Diluted loss per share includes potentially dilutive securities such as outstanding options and warrants, using various methods such as the treasury stock or modified treasury stock method in the determination of dilutive shares outstanding during each reporting period. The Company does not have any potentially dilutive instruments. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation is accounted for at FV in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842). The guidance in ASU 2016-02 supersedes the lease recognition requirements in ASC Topic 840, Leases (FAS 13). ASU 2016-02 requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the effect this standard will have on its financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The standard should be applied prospectively on or after the effective date. The Company will evaluate the impact of adopting this standard prospectively upon any transactions of acquisitions or disposals of assets or businesses. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its FV, not to exceed the carrying amount of goodwill. The guidance should be adopted on a prospective basis for the annual or any interim goodwill impairment tests beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact of adopting this standard on its financial statements. In June 2018, the FASB issued ASU 2018-07, “Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting,” which simplifies the accounting for share-based payments granted to nonemployees for goods and services and aligns most of the guidance on such payments to nonemployees with the requirements for share-based payments granted to employees. ASU 2018-07 becomes effective for the Company on January 1, 2019. Early adoption is permitted. The adoption of this accounting pronouncement is not expected to have an impact on the Company's financial statements. Alterola has reviewed recent accounting pronouncements issued to the date of the issuance of these financial statements, and we do not believe any of these pronouncements will have a material impact on the Company. |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 6 Months Ended |
Mar. 31, 2017 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | March 31, 2017 September 30, 2016 Audit fees $ 1,000 $ 1,000 Accounting 3,100 2,600 Legal fees 7,977 7,751 Total Accrued Expenses $ 12,077 $ 11,351 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 6 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Schedule of Notes Payable Table | March 31, 2017 September 30, 2016 Note payable, unsecured, bearing interest at 12% per annum, due on June 26, 2011 $ 30,000 $ 30,000 Convertible note payable, unsecured, bearing interest at 12% per annum, due on July 24, 2011 50,000 50,000 Note payable, unsecured, bearing interest at 10% per annum plus financing charge of $2,500, due on October 10, 2013 27,500 27,500 Note payable, unsecured, bearing interest at 10% per annum plus financing charge of $1,500, due on February 13, 2014 16,500 16,500 Note payable, unsecured, non interest bearing with finance charge of $1,500 due on March 31, 2014 6,000 6,000 Note payable, unsecured, bearing interest at 10% per annum, due on demand 20,000 20,000 Note payable, unsecured, bearing interest at 10% per annum, due on demand 25,000 25,000 Total Notes payable $ 175,000 $ 175,000 |
NATURE OF BUSINESS (Details Nar
NATURE OF BUSINESS (Details Narrative) | 6 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Date of Incorporation | Jul. 21, 2008 |
Changed Business Focus | May 3, 2010 |
Name Change | Jul. 9, 2010 |
Incorporated JRE Exploration Ltd | Oct. 1, 2008 |
SUMMARY OF SIGNIFICANT ACCOUN18
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Sep. 30, 2013 | |
Fiscal year end | --09-30 | ||
Amortization Expense for website | $ 1,550 | $ 1,550 | |
Common Stock Issued | 37,000,000 |
ACCRUED EXPENSES - Schedule of
ACCRUED EXPENSES - Schedule of Accrued Expenses (Details) - USD ($) | 6 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2017 | Sep. 30, 2016 | |
Payables and Accruals [Abstract] | |||
Audit fees | $ 1,000 | $ 1,000 | |
Accounting | 3,100 | 2,600 | |
Legal fees | 7,977 | 7,751 | |
Total Accrued expenses | $ 12,077 | $ 11,351 | |
Settlement of legal expenses | $ 10,173 |
NOTES PAYABLE - Schedule of Not
NOTES PAYABLE - Schedule of Notes Payable Table (Details) - USD ($) | Mar. 31, 2017 | Sep. 30, 2016 |
Notes to Financial Statements | ||
Note payable, unsecured, bearing interest at 12% per annum, due on June 26, 2011 | $ 30,000 | $ 30,000 |
Convertible note payable, unsecured, bearing interest at 12% per annum, due on July 24, 2011 | 50,000 | 50,000 |
Note payable, unsecured, bearing interest at 10%, per annum plus financing charge of $2,500, due on October 10, 2013 | 27,500 | 27,500 |
Note payable, unsecured, bearing interest at 10%, per annum plus financing charges of $1,500, due on February 13, 2014 | 16,500 | 16,500 |
Note payable, unsecured, non interest bearing with finance charge of $1,500 due on March 31, 2014 | 6,000 | 6,000 |
Note payable, unsecured, bearing interest at 10% per annum, due on demand | 20,000 | 20,000 |
Note payable, unsecured, bearing interest at 10% per annum, due on demand | 25,000 | 25,000 |
Total Notes Payable | $ 175,000 | $ 175,000 |
NOTES PAYABLE - Schedule of N21
NOTES PAYABLE - Schedule of Notes Payable Table (Details) (Parenthetical) - USD ($) | Sep. 30, 2016 | Sep. 30, 2015 |
Note Payable 1 | ||
Note payable, Interest Rate | 12.00% | 12.00% |
Note Payable 2 | ||
Convertible Note Payable, Interest Rate | 12.00% | 12.00% |
Note Payable 3 | ||
Note payable, Interest Rate | 10.00% | 10.00% |
Finance charge | $ 2,500 | $ 2,500 |
Note Payable 4 Member | ||
Note payable, Interest Rate | 10.00% | 10.00% |
Finance charge | $ 1,500 | $ 1,500 |
Note Payable 5 | ||
Finance charge | $ 1,500 | $ 1,500 |
Note Payable 6 | ||
Note payable, Interest Rate | 10.00% | 10.00% |
Note Payable 7 | ||
Note payable, Interest Rate | 10.00% |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Notes to Financial Statements | ||||
Notes payable | $ 130,000 | $ 130,000 | ||
Interest Expense | 4,625 | $ 4,625 | 9,250 | $ 8,769 |
Financing Costs | $ 0 | $ 0 |
CAPITAL STOCK (Details Narrativ
CAPITAL STOCK (Details Narrative) - shares | Mar. 31, 2017 | Sep. 30, 2016 |
Common stock, Issued | 114,980,000 | 114,980,000 |
Preferred Stock, Issued | 0 | 0 |
Uncategorized Items - alta-2017
Label | Element | Value |
Cash Equivalents, at Carrying Value | us-gaap_CashEquivalentsAtCarryingValue | $ 0 |