Cover
Cover | Oct. 11, 2021 | Jun. 30, 2021 |
Cover [Abstract] | ||
Document Type | S-1 | |
Amendment Flag | false | |
Entity Registrant Name | Alterola Biotech, Inc. | |
Entity Central Index Key | 0001442999 | |
Entity Tax Identification Number | 82-1317032 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 47 Hamilton Square Birkenhead Merseyside | |
Entity Address, City or Town | Birkenhead Merseyside | |
Entity Address, Postal Zip Code | 706-0806 | CH41 5AR United Kingdom |
Country Region | United Kingdom | |
City Area Code | (800) | (800) |
Local Phone Number | 706-0806 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false |
UNAUDITED CONSOLIDATED BALANCE
UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 |
Current Assets | ||
Bank | $ 387 | $ 519 |
Funds in attorney trust account | 12,773 | |
Prepaid | 2,067 | |
Total Current Assets | 15,227 | 519 |
TOTAL ASSETS | 15,227 | 519 |
Current Liabilities | ||
Accounts payable | 337,281 | 98,379 |
Accrued expenses | 164,346 | 20,244 |
Accrued expenses- related party | 330,000 | 562,665 |
Advances from related party | 79,096 | 78,350 |
Total Current Liabilities | 910,723 | 759,638 |
Total Liabilities | 910,723 | 759,638 |
Stockholders’ Equity (Deficit) | ||
Preferred Stock, $.001 par value, 10,000,000 shares authorized, -0- shares issued and outstanding | ||
Common Stock, $.001 par value, 2,000,000,000 shares authorized, 754,280,000 and 754,280,000 shares issued and outstanding, respectively | 754,280 | 754,280 |
Foreign currency translation adjustment | 160 | (14,023) |
Additional paid-in capital | 0 | |
Accumulated deficit | (1,649,936) | (1,499,376) |
Total Stockholders’ Equity (Deficit) | (895,496) | (759,119) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ 15,227 | $ 519 |
UNAUDITED CONSOLIDATED BALANC_2
UNAUDITED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 |
Statement of Financial Position [Abstract] | |||
Preferred stock, par value | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |
Preferred stock, shares issued | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 | |
Common stock, par value | $ 0.001 | $ 0.001 | |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 | |
Common stock, shares issued | 754,280,000 | 754,280,000 | 129,980,000 |
Common stock, shares outstanding | 754,280,000 | 754,280,000 |
UNAUDITED CONSOLIDATED STATEMEN
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
REVENUES | $ 0 | |
OPERATING EXPENSES | ||
Accounting and audit fees | 8,392 | |
Research and development | 136,291 | |
Legal fees | 719 | |
Directors fees | ||
General and administrative expenses | 5,158 | |
TOTAL OPERATING EXPENSES | 150,560 | |
LOSS FROM OPERATIONS | (150,560) | |
OTHER INCOME (EXPENSE) | ||
Miscellaneous sale | ||
TOTAL OTHER INCOME (EXPENSE) | ||
PROVISION FOR INCOME TAXES | ||
NET LOSS | $ (150,560) | $ (343,033) |
NET LOSS PER SHARE: BASIC AND DILUTED | $ 0 | |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 754,280,000 |
UNAUDITED CONSOLIDATED STATEM_2
UNAUDITED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Comprehensive Income [Member] | Retained Earnings [Member] | Total |
Ending balance, value at Mar. 31, 2021 | $ 754,280 | $ (14,023) | $ (1,499,376) | $ (759,119) | |
Shares, Issued, Ending Balance at Mar. 31, 2021 | 754,280,000 | ||||
Ending balance, value at Mar. 31, 2021 | $ 754,280 | (14,023) | (1,499,376) | (759,119) | |
Shares, Issued, Ending Balance at Mar. 31, 2021 | 754,280,000 | ||||
Beginning balance, value at Jan. 06, 2021 | $ 136 | 0 | 0 | 136 | |
Shares, Issued, Beginning Balance at Jan. 06, 2021 | 100 | ||||
Related party interest forgiven | 1,544 | 1,544 | |||
Recapitalization on reverse merger | $ 754,144 | (1,544) | (1,156,343) | (403,743) | |
Recapitalization on reverse merger, shares | 754,279,900 | ||||
Change in foreign currency | (14,023) | (14,023) | |||
Net loss | (343,033) | (343,033) | |||
Ending balance, value at Mar. 31, 2021 | $ 754,280 | (14,023) | (1,499,376) | (759,119) | |
Shares, Issued, Ending Balance at Mar. 31, 2021 | 754,280,000 | ||||
Change in foreign currency | 14,183 | 14,183 | |||
Net loss | (150,560) | (150,560) | |||
Ending balance, value at Jun. 30, 2021 | $ 754,280 | $ 0 | $ 160 | $ (1,649,936) | $ (895,496) |
Shares, Issued, Ending Balance at Jun. 30, 2021 | 754,280,000 |
UNAUDITED CONSOLIDATED STATEM_3
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS | 3 Months Ended |
Jun. 30, 2021USD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES | |
Net loss for the period | $ (150,560) |
Changes in assets and liabilities: | |
Increase (decrease) in prepaid assets | (2,067) |
Increase (decrease) in accrued expenses -related party | (232,832) |
Increase (decrease) in accrued expenses | 144,590 |
Increase (decrease) in accounts payable | 240,151 |
Net Cash Used by Operating Activities | (718) |
CASH FLOWS FROM INVESTING ACTIVITIES | |
Net Cash Used by Investing Activities | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | |
Due from related parties | 746 |
Net Cash Provided by Financing Activities | 746 |
Effect of exchange rate adjustments on cash | (160) |
Net Increase (Decrease) in Cash and Cash Equivalents | (132) |
Cash and cash equivalents, beginning of period | 519 |
Cash and cash equivalents, end of period | 387 |
SUPPLEMENTAL CASH FLOW INFORMATION | |
Interest paid | |
Income taxes paid |
NOTE 1 _ NATURE OF BUSINESS
NOTE 1 – NATURE OF BUSINESS | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
NOTE 1 – NATURE OF BUSINESS | NOTE 1 – NATURE OF BUSINESS After formation, the Company was in the business of mineral exploration. On May 3, 2010, the Company sold its mineral exploration business and entered into an Intellectual Property Assignment Agreement (“IP Agreement”) with Soren Nielsen pursuant to which Mr. Nielsen transferred his right, title and interest in all intellectual property relating to certain chewing gum compositions having appetite suppressant activity (the “IP”) to the Company for the issuance of 55,000,000 Following the acquisition of the IP the Company changed its business direction to pursue the development of chewing gums for the delivery of Nutraceutical/functional ingredients for applications such as appetite suppressant, cholesterol suppressant, vitamin delivery, antioxidant delivery and motion sickness suppressant. The business plan of the company will no longer be focused on a chewing gum delivery system but it will re-focus its activities to the development of cannabinoid, cannabinoid-like, and non-cannabinoid pharmaceutical active pharmaceutical ingredients (APIs), pharmaceutical medicines made from cannabinoid, cannabinoid-like, and non-cannabinoid APIs and European novel food approval of cannabinoid-based, cannabinoid-like and non-cannabinoid ingredients and products .In addition, the company plans to develop such bulk ingredients for supply into the cosmetic sector. On January 19, 2021, the Company entered into an Stock Purchase Agreement (the “Agreement”) with ABTI Pharma Limited, a company registered in England and Wales (“ABTI Pharma”), pursuant to which the Company agreed to acquire all of the outstanding shares of capital stock of ABTI Pharma from its shareholders in exchange for 600,000,000 The transaction is being accounted for as a reverse acquisition and recapitalization. ABTI Pharma is the acquirer for accounting purposes and the Company is the issuer. The historical financial statements presented are the financial statements of ABTI. The Agreement was treated as a recapitalization and not as a business combination; at the date of the acquisition, the net liabilities of the legal acquirer, Alterola, were $389,721 | |
Transitional Period [Member] | ||
NOTE 1 – NATURE OF BUSINESS | NOTE 1 – NATURE OF BUSINESS After formation, the Company was in the business of mineral exploration. On May 3, 2010, the Company sold its mineral exploration business and entered into an Intellectual Property Assignment Agreement (“IP Agreement”) with Soren Nielsen pursuant to which Mr. Nielsen transferred his right, title and interest in all intellectual property relating to certain chewing gum compositions having appetite suppressant activity (the “IP”) to the Company for the issuance of 55,000,000 Following the acquisition of the IP the Company changed its business direction to pursue the development of chewing gums for the delivery of Nutraceutical/functional ingredients for applications such as appetite suppressant, cholesterol suppressant, vitamin delivery, antioxidant delivery and motion sickness suppressant. The business plan of the company will no longer be focused on a chewing gum delivery system but it will re-focus its activities to the development of cannabinoid, cannabinoid-like, and non-cannabinoid pharmaceutical active pharmaceutical ingredients (APIs), pharmaceutical medicines made from cannabinoid, cannabinoid-like, and non-cannabinoid APIs and European novel food approval of cannabinoid-based, cannabinoid-like and non-cannabinoid ingredients and products .In addition, the company plans to develop such bulk ingredients for supply into the cosmetic sector. On January 19, 2021, the Company entered into an Stock Transfer Agreement (the “Agreement”) with ABTI Pharma Limited, a company registered in England and Wales (“ABTI Pharma”), pursuant to which the Company will acquire all of the outstanding shares of capital stock of ABTI Pharma from its shareholders in exchange for 600,000,000 $600,000 |
NOTE 2 _ SUMMARY OF SIGNIFICANT
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United State of America (GAAP accounting) and include the accounts of Alterola and its wholly owned subsidiaries ABTI Pharma, Phytotherapeutix Ltd, Ferven Ltd., and Nano4M Ltd. All material intercompany transactions and balances have been eliminated. ALTEROLA BIOTECH, INC. NOTES TO THE UNAUDITED CONSOLIDATEDEDFINANCIAL STATEMENTS JUNE 30, 2021 NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) The Company had a September 30 fiscal year end. Subsequent to the Agreement with ABTI Pharma, the Company has changed its year end from September 30 to March 31. 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. Funds in attorney trust account The company does not have its own bank account. Amounts due from attorney represents fund held on behalf of the Company in trust by its legal counsel. 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. ALTEROLA BIOTECH, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2021 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 FV 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. Foreign Currency Translation The financial statements are presented in US Dollars. Transactions with foreign subsidiaries where US dollars are not the functional currency will be recorded in accordance with Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 830 Foreign Currency Transaction Comprehensive Income Revenue Recognition On January 1, 2018, the Company adopted ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"), using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under ASC 605. As of and for the year ended June 30, 2021, the financial statements were not materially impacted as a result of the application of Topic 606 compared to Topic 605. 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. ALTEROLA BIOTECH, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2021 NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 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 Risks and Uncertainties On January 30, 2020, the World Health Organization declared the coronavirus outbreak a “Public Health Emergency of International Concern” and on March 10, 2020, declared it to be a pandemic. Actions taken around the world to help mitigate the spread of the coronavirus include restrictions on travel, and quarantines in certain areas, and forced closures for certain types of public places and business. The Coronavirus and actions taken to mitigate it have had and are expected to have an adverse impact on the economies and financial markets of many countries, including the geographical area in which the Company plans to operate.” Recent Accounting Pronouncements Alterola does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow. | |
Transitional Period [Member] | ||
NOTE 2 – 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 a September 30 fiscal year end. Subsequent to the Agreement with ABTI Pharma Limited, the Company has changed its year end from September 30 to March 31. 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. ALTEROLA BIOTECH, INC. NOTES TO THE FINANCIAL STATEMENTS NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Funds in attorney trust account The company does not have its own bank account. Amounts due from attorney represents fund held on behalf of the Company in trust by its legal counsel. 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. 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 FV 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. ALTEROLA BIOTECH, INC. NOTES TO THE FINANCIAL STATEMENTS NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 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. Foreign Currency Translation The financial statements are presented in US Dollars. Transactions with foreign subsidiaries where US dollars are not the functional currency will be recorded in accordance with Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 830 Foreign Currency Transaction Comprehensive Income Revenue Recognition On January 1, 2018, the Company adopted ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"), using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under ASC 605. As of and for the year ended March 31, 2021, the financial statements were not materially impacted as a result of the application of Topic 606 compared to Topic 605. 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 Risks and Uncertainties On January 30, 2020, the World Health Organization declared the coronavirus outbreak a “Public Health Emergency of International Concern” and on March 10, 2020, declared it to be a pandemic. Actions taken around the world to help mitigate the spread of the coronavirus include restrictions on travel, and quarantines in certain areas, and forced closures for certain types of public places and business. The Coronavirus and actions taken to mitigate it have had and are expected to have an adverse impact on the economies and financial markets of many countries, including the geographical area in which the Company plans to operate.” Recent Accounting Pronouncements Alterola does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow. ALTEROLA BIOTECH, INC. NOTES TO THE FINANCIAL STATEMENTS |
NOTE 3 _ ACCRUED EXPENSES
NOTE 3 – ACCRUED EXPENSES | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
NOTE 3 – ACCRUED EXPENSES | NOTE 3 – ACCRUED EXPENSES Accrued expenses consisted of the following at June 30, 2021 and March 31, 2021: June 30, 2021 March 31, 2021 Audit fees $ 17,687 $ — Accounting 5,600 5,600 Research and development 126,415 — Legal fees and transfer agent 14,644 15,644 Total Accrued Expenses $ 164,346 $ 20,244 | |
Transitional Period [Member] | ||
NOTE 3 – ACCRUED EXPENSES | NOTE 3 – ACCRUED EXPENSES Accrued expenses consisted of the following at March 31, 2021 and September 30, 2020: March 31, 2021 September 30, 2020 Audit fees $ — $ 10,000 Accounting 5,600 6,600 Legal fees and transfer agent 14,644 19,644 Total Accrued Expenses $ 20,244 $ 36,244 |
NOTE 4 _ CAPITAL STOCK
NOTE 4 – CAPITAL STOCK | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
NOTE 4 – CAPITAL STOCK | NOTE 4 – CAPITAL STOCK The Company has 2,000,000,000 $.001 10,000,000 $.001 The Company has 754,280,000 754,280,000 no ALTEROLA BIOTECH, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2021 | |
Transitional Period [Member] | ||
NOTE 4 – CAPITAL STOCK | NOTE 4 – CAPITAL STOCK The Company has 2,000,000,000 $.001 10,000,000 $.001 During the year ended September 30, 2019, the Company issued 1,000,000 $90,000 During the year ended September 30, 2020, the Company issued 13,000,000 $130,000 During the period ended March 31, 2021, the Company issued 24,300,000 $243,000 On January 29, 2021, the Company issued 600,000,000 $600,000 The Company has 754,280,000 129,980,000 no ALTEROLA BIOTECH, INC. NOTES TO THE FINANCIAL STATEMENTS |
NOTE 5 _ RELATED PARTY TRANSACT
NOTE 5 – RELATED PARTY TRANSACTIONS | 3 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
NOTE 5 – RELATED PARTY TRANSACTIONS | NOTE 5 – 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. During the period ended June 30, 2021, a shareholder made advances to the company to fund operating expenses in the amount of $79,096 During the period ended June 30, 2021, the Company accrued director’s fees payable of $330,000 |
NOTE 6 _ LIQUIDITY & GOING CONC
NOTE 6 – LIQUIDITY & GOING CONCERN | 3 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NOTE 6 – LIQUIDITY & GOING CONCERN | NOTE 6 – LIQUIDITY & GOING CONCERN Alterola has negative working capital of $895,496 $1,649,936 The ability of Alterola to continue as a going concern is dependent 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. |
NOTE 7 _ SUBSEQUENT EVENTS
NOTE 7 – SUBSEQUENT EVENTS | 3 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
NOTE 7 – SUBSEQUENT EVENTS | NOTE 7 – SUBSEQUENT EVENTS In accordance with ASC Topic 855-10, the Company analyzed its operations subsequent to June 30, 2021 to the date these financial statements were issued, and determined it does not have any material subsequent events to disclose in these financial statements. |
NOTE 5 _ INCOME TAX
NOTE 5 – INCOME TAX | 6 Months Ended |
Mar. 31, 2021 | |
Transitional Period [Member] | |
NOTE 5 – INCOME TAX | NOTE 5 – INCOME TAX Due to uncertainties surrounding the Company’s ability to generate future taxable income to realize these assets, a full valuation allowance has been established to offset the net deferred tax asset. The income tax effects of the Tax Cuts and Jobs Act have been completed in accordance with FASB ASC 740. The provision for income tax consists of the following components at March 31, 2021 and September 30, 2020: 2021 2020 Current: Federal income taxes (benefit) (33,490 ) $ (82,472 ) State income taxes — — Deferred Benefit from net operating loss 33,490 82,472 $ (0 ) $ (0 ) The following reconciles income taxes reported in the financial statements to taxes that would be obtained by applying regular tax rates to income before taxes: 2021 2020 Expected tax expense (benefit) using regular rates $ 33,490 $ 82,472 State minimum tax valuation allowance (33,490 ) (82,472 ) Tax Provision $ — $ — The Company has loss carry forwards totaling $1,372,534 At March 31, 2021 and September 30, 2020, the significant components of the deferred tax assets are summarized below: March 31, 2021 September 30, 2020 Deferred income tax asset Net operation loss carryforwards 466,662 433,172 Total deferred income tax asset 466,662 433,172 Less: valuation allowance (466,662 ) (433,172) Total deferred income tax asset $ — $ — The federal income tax returns of the Company for 2021 and 2020 are subject to examination by the IRS, generally for three years after they were filed. ALTEROLA BIOTECH, INC. NOTES TO THE FINANCIAL STATEMENTS |
NOTE 6 _ RELATED PARTY TRANSACT
NOTE 6 – RELATED PARTY TRANSACTIONS | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
NOTE 6 – RELATED PARTY TRANSACTIONS | NOTE 5 – 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. During the period ended June 30, 2021, a shareholder made advances to the company to fund operating expenses in the amount of $79,096 During the period ended June 30, 2021, the Company accrued director’s fees payable of $330,000 | |
Transitional Period [Member] | ||
NOTE 6 – 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. During the period ended March 31, 2021, a shareholder made advances to the company to fund operating expenses in the amount of $50,000 During the period ended March 31, 2021, the Company accrued director’s fees payable of $330,000 |
NOTE 7 _ LIQUIDITY & GOING CONC
NOTE 7 – LIQUIDITY & GOING CONCERN | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
NOTE 7 – LIQUIDITY & GOING CONCERN | NOTE 6 – LIQUIDITY & GOING CONCERN Alterola has negative working capital of $895,496 $1,649,936 The ability of Alterola to continue as a going concern is dependent 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. | |
Transitional Period [Member] | ||
NOTE 7 – LIQUIDITY & GOING CONCERN | NOTE 7 – LIQUIDITY & GOING CONCERN Alterola has negative working capital of $389,521 $1,531,288 The ability of Alterola to continue as a going concern is dependent 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. |
NOTE 8 _ OTHER INCOME
NOTE 8 – OTHER INCOME | 6 Months Ended |
Mar. 31, 2021 | |
Transitional Period [Member] | |
NOTE 8 – OTHER INCOME | NOTE 8 – OTHER INCOME The Company recognized other income of $79,000 |
NOTE 9 _ SUBSEQUENT EVENTS
NOTE 9 – SUBSEQUENT EVENTS | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
NOTE 9 – SUBSEQUENT EVENTS | NOTE 7 – SUBSEQUENT EVENTS In accordance with ASC Topic 855-10, the Company analyzed its operations subsequent to June 30, 2021 to the date these financial statements were issued, and determined it does not have any material subsequent events to disclose in these financial statements. | |
Transitional Period [Member] | ||
NOTE 9 – SUBSEQUENT EVENTS | NOTE 9 – SUBSEQUENT EVENTS In accordance with ASC Topic 855-10, the Company analyzed its operations subsequent to March 31, 2021 to the date these financial statements were issued. On May 24, 2021, the Company and the shareholders of ABTI Pharma memorialized a new closing date in an amendment to the Agreement. The Company issued the 600,000,000 Pursuant to the Agreement, the Company will provide funding to ABTI Pharma to pay for operating expenses including salaries, office expenses and additional expenses or projects in the amount of US$500,000 within fifteen (15) days from closing the Agreement and shall fund an additional US $200,000 every 30 days thereafter until a total funding of US $1,100,000 has been delivered. |
NOTE 1 - ORGANIZATION AND DESCR
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS | 12 Months Ended |
Mar. 31, 2021 | |
A B T I Pharma [Member] | |
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS ABTI Pharma Limited (the “Company”) was incorporated in the United Kingdom on January 7, 2021. The Company is a UK based pharmaceutical company developing cannabinoid, cannabinoid-like, and non-cannabinoid pharmaceutical active pharmaceutical ingredients (APIs), pharmaceutical medicines made from cannabinoid, cannabinoid-like, and non-cannabinoid APIs and targeting European novel food approval of cannabinoid-based, cannabinoid-like and non-cannabinoid ingredients and products .In addition, the company is seeking to develop such bulk ingredients for supply into the cosmetic sector. To date, the Company’s activities have been limited to its formation and the raising of equity capital. The Company’s fiscal year end is March 31. Subsidiaries On January 27, 2021, the Company acquired 100% of Ferven Limited and Phytotherapeutix Ltd. The Companies were under common control before the acquisition and are consolidated in accordance to ASC-805-50, in which the assets and liabilities of Ferven Limited and Phytotherapeutix Ltd. have been presented at their carrying values at the date of common control. |
NOTE 2 - SUMMARY OF SIGNIFICANT
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United State of America (GAAP accounting) and include the accounts of Alterola and its wholly owned subsidiaries ABTI Pharma, Phytotherapeutix Ltd, Ferven Ltd., and Nano4M Ltd. All material intercompany transactions and balances have been eliminated. ALTEROLA BIOTECH, INC. NOTES TO THE UNAUDITED CONSOLIDATEDEDFINANCIAL STATEMENTS JUNE 30, 2021 NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) The Company had a September 30 fiscal year end. Subsequent to the Agreement with ABTI Pharma, the Company has changed its year end from September 30 to March 31. 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. Funds in attorney trust account The company does not have its own bank account. Amounts due from attorney represents fund held on behalf of the Company in trust by its legal counsel. 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. ALTEROLA BIOTECH, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2021 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 FV 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. Foreign Currency Translation The financial statements are presented in US Dollars. Transactions with foreign subsidiaries where US dollars are not the functional currency will be recorded in accordance with Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 830 Foreign Currency Transaction Comprehensive Income Revenue Recognition On January 1, 2018, the Company adopted ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"), using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under ASC 605. As of and for the year ended June 30, 2021, the financial statements were not materially impacted as a result of the application of Topic 606 compared to Topic 605. 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. ALTEROLA BIOTECH, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2021 NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 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 Risks and Uncertainties On January 30, 2020, the World Health Organization declared the coronavirus outbreak a “Public Health Emergency of International Concern” and on March 10, 2020, declared it to be a pandemic. Actions taken around the world to help mitigate the spread of the coronavirus include restrictions on travel, and quarantines in certain areas, and forced closures for certain types of public places and business. The Coronavirus and actions taken to mitigate it have had and are expected to have an adverse impact on the economies and financial markets of many countries, including the geographical area in which the Company plans to operate.” Recent Accounting Pronouncements Alterola does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow. | |
A B T I Pharma [Member] | ||
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Financial Statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Financial Statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles (“GAAP”) of the United States. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Ferven Limited (United Kingdom) and Phytotherapeutix Ltd (United Kingdom). All significant intercompany transactions and balances have been eliminated in consolidation. 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 of 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 cash equivalents consist of cash and short-term investments with original maturities of less than 90 days. Cash equivalents are placed with high credit quality financial institutions and are primarily in money market funds. The carrying value of those investments approximates fair value. The Company had $519 $2 Foreign Currency Translations The Company’s functional currency is in British pound sterling (“GBP”). All transactions are translated into U.S. dollars in accordance with ASC 830-30, “Translation of Financial Statements,” 1) Monetary assets and liabilities at the rate of exchange in effect at the balance sheet date. 2) Equity at historical rates. 3) Revenue and expense items at the average rate of exchange prevailing during the period. Adjustments arising from such translations are deferred until realization and are included as a separate component of stockholders’ equity as a component of comprehensive income or loss. Therefore, translation adjustments are not included in determining net income (loss) but reported as other comprehensive income (loss). Gains and losses from foreign currency transactions are included in earnings in the period of settlement. Financial Instruments FASB ASC 820, Fair Value Measurements and Disclosure The carrying amounts of cash, accounts payable and accrued liabilities, and due to related parties approximate fair value because of the short-term nature of these items. Concentrations of Credit Risks The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and related party payables it will likely incur in the near future. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. At times, its cash with a particular financial institution may exceed any applicable government insurance limits. The Company’s management plans to assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited. Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Accounting for Income Taxes”. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities and for operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. As of March 31, 2021, and 2020, the Company did not have any amounts recorded pertaining to uncertain tax positions. Loss per Share The Company has adopted ASC 260, “Earnings Per Share,” (“EPS”) which requires presentation of basic and diluted EPS on the face of the income statement for all entities with complex capital structures, and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. In the accompanying financial statements, basic loss per share is computed by dividing net loss by the weighted average number of shares of ordinary stock outstanding during the period. The Company has no potentially dilutive securities currently issued and outstanding. Recent Accounting Pronouncements Management has considered all recent accounting pronouncements issued since the last audit of its financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
NOTE 3 - GOING CONCERN
NOTE 3 - GOING CONCERN | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
NOTE 3 - GOING CONCERN | NOTE 6 – LIQUIDITY & GOING CONCERN Alterola has negative working capital of $895,496 $1,649,936 The ability of Alterola to continue as a going concern is dependent 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. | |
A B T I Pharma [Member] | ||
NOTE 3 - GOING CONCERN | NOTE 3 - GOING CONCERN The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has not generated any revenues since inception. The Company has a net loss of $343,033 $355,376 $343,033 The continuing operations of the Company are dependent upon its ability to continue to raise adequate financing, shareholder loans and to commence profitable operations in the future and repay its liabilities arising from normal business operations as they become due. The Company intends to fund operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for future periods. |
NOTE 4 - INCOME TAXES
NOTE 4 - INCOME TAXES | 12 Months Ended |
Mar. 31, 2021 | |
A B T I Pharma [Member] | |
NOTE 4 - INCOME TAXES | NOTE 4 - INCOME TAXES The Company follows ASC 740. Deferred income taxes reflect the net effect of (a) temporary difference between carrying amounts of assets and liabilities for financial purposes and the amounts used for income tax reporting purposes, and (b) net operating loss carry-forwards. No net provision for refundable income tax has been made in the accompanying statement of loss because no recoverable taxes were paid previously. Similarly, no deferred tax asset attributable to the net operating loss carry-forward has been recognized, as it is not deemed likely to be realized. The provisions for income tax, consist of the following: March 31, 2021 Net Operating Loss carryforward $ 65,176 Valuation allowance (65,176) Net deferred tax asset $ — The tax effects of temporary differences that give rise to the Company’s net deferred tax assets are as follows: March 31, 2021 March 31, 2020 Net Operating Profit $ (343,033 ) $ — Effective tax rate 19% — Income Tax expense (65,176 ) — Less: valuation allowance 65,176 — Income Tax Expense $ — $ — A valuation allowance has been established for our tax assets as their use is dependent on the generation of sufficient future taxable income, which cannot be predicted at this time. As of March 31, 2021, we had no material unrecognized tax benefits and no adjustments to liabilities or operations were required. No interest and penalties have been recognized by us to date. Our net operating loss carryforwards are subject to review and possible adjustment by HM Revenue & Customs. Tax returns for the years e nded 2019 |
NOTE 5 - RELATED PARTIES TRANSA
NOTE 5 - RELATED PARTIES TRANSACTIONS | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
NOTE 5 - RELATED PARTIES TRANSACTIONS | NOTE 5 – 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. During the period ended June 30, 2021, a shareholder made advances to the company to fund operating expenses in the amount of $79,096 During the period ended June 30, 2021, the Company accrued director’s fees payable of $330,000 | |
A B T I Pharma [Member] | ||
NOTE 5 - RELATED PARTIES TRANSACTIONS | NOTE 5 - RELATED PARTIES TRANSACTIONS In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by shareholders or directors. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances were considered temporary in nature and were not formalized by a promissory note. During the year ended March 31, 2021, the subsidiary’s director advanced to the Company an amount of $24,736 $1,544 13% $1,544 During the year ended March 31, 2021, research and development services of $232,665 $232,665 |
NOTE 6 - EQUITY
NOTE 6 - EQUITY | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
NOTE 6 - EQUITY | NOTE 4 – CAPITAL STOCK The Company has 2,000,000,000 $.001 10,000,000 $.001 The Company has 754,280,000 754,280,000 no ALTEROLA BIOTECH, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2021 | |
A B T I Pharma [Member] | ||
NOTE 6 - EQUITY | NOTE 6 - EQUITY The Company has ordinary shares with a par value of GBP 1.00 During the year ended March 31, 2021, 100 $133 As of March 31, 2021 and 2020, there were 100 2 |
NOTE 7 - SUBSEQUENT EVENTS
NOTE 7 - SUBSEQUENT EVENTS | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
NOTE 7 - SUBSEQUENT EVENTS | NOTE 7 – SUBSEQUENT EVENTS In accordance with ASC Topic 855-10, the Company analyzed its operations subsequent to June 30, 2021 to the date these financial statements were issued, and determined it does not have any material subsequent events to disclose in these financial statements. | |
A B T I Pharma [Member] | ||
NOTE 7 - SUBSEQUENT EVENTS | NOTE 7 - SUBSEQUENT EVENTS Management has evaluated subsequent events through the date these financial statements were available to be issued. Based on our evaluation no material events have occurred that require disclosure. |
NOTE 1. BASIS OF PRO FORMA PRES
NOTE 1. BASIS OF PRO FORMA PRESENTATION | 12 Months Ended |
Mar. 31, 2021 | |
Pro Forma Financials [Member] | |
NOTE 1. BASIS OF PRO FORMA PRESENTATION | NOTE 1. BASIS OF PRO FORMA PRESENTATION The unaudited pro forma condensed combined financial statements are based on the Company’s and ABTI’s historical consolidated financial statements as adjusted to give effect to the acquisition of ABTI and the shares issued as part of the acquisition. The unaudited pro forma combined statements of operations for the year ended March 31, 2021 give effect to the ABTI acquisition as if it had occurred on April 1, 2020. The unaudited proforma combined balance sheet as of March 31, 2021 gives effect to the ABTI acquisition as if it had occurred on March 31, 2021. Historical financial information has been adjusted in the pro forma balance sheet to pro forma events that are: (1) directly attributable to the Acquisition; (2) factually supportable; and (3) expected to have a continuing impact on the Company’s results of operations. The pro forma adjustments presented in the pro forma combined balance sheet and statement of operations are described in Note 4— Pro Forma Adjustments. The unaudited pro forma condensed combined financial information is for illustrative purposes only. These companies may have performed differently had they actually been combined for the periods presented. You should not rely on the pro forma combined financial information as being indicative of the historical results that would have been achieved had the companies always been combined or the future results that the combined companies will experience after the acquisition. |
NOTE 2. ACCOUNTING PERIODS PRES
NOTE 2. ACCOUNTING PERIODS PRESENTED | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
NOTE 2. ACCOUNTING PERIODS PRESENTED | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United State of America (GAAP accounting) and include the accounts of Alterola and its wholly owned subsidiaries ABTI Pharma, Phytotherapeutix Ltd, Ferven Ltd., and Nano4M Ltd. All material intercompany transactions and balances have been eliminated. ALTEROLA BIOTECH, INC. NOTES TO THE UNAUDITED CONSOLIDATEDEDFINANCIAL STATEMENTS JUNE 30, 2021 NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) The Company had a September 30 fiscal year end. Subsequent to the Agreement with ABTI Pharma, the Company has changed its year end from September 30 to March 31. 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. Funds in attorney trust account The company does not have its own bank account. Amounts due from attorney represents fund held on behalf of the Company in trust by its legal counsel. 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. ALTEROLA BIOTECH, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2021 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 FV 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. Foreign Currency Translation The financial statements are presented in US Dollars. Transactions with foreign subsidiaries where US dollars are not the functional currency will be recorded in accordance with Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 830 Foreign Currency Transaction Comprehensive Income Revenue Recognition On January 1, 2018, the Company adopted ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"), using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under ASC 605. As of and for the year ended June 30, 2021, the financial statements were not materially impacted as a result of the application of Topic 606 compared to Topic 605. 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. ALTEROLA BIOTECH, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2021 NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 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 Risks and Uncertainties On January 30, 2020, the World Health Organization declared the coronavirus outbreak a “Public Health Emergency of International Concern” and on March 10, 2020, declared it to be a pandemic. Actions taken around the world to help mitigate the spread of the coronavirus include restrictions on travel, and quarantines in certain areas, and forced closures for certain types of public places and business. The Coronavirus and actions taken to mitigate it have had and are expected to have an adverse impact on the economies and financial markets of many countries, including the geographical area in which the Company plans to operate.” Recent Accounting Pronouncements Alterola does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow. | |
Pro Forma Financials [Member] | ||
NOTE 2. ACCOUNTING PERIODS PRESENTED | NOTE 2. ACCOUNTING PERIODS PRESENTED Certain pro forma adjustments were made to conform ABTI accounting policies to the Company’s accounting policies as noted below. The unaudited pro forma condensed combined balance sheet as of March 31, 2021 is presented as if the acquisition had occurred on March 31, 2021 and combines the historical balance sheet of the Company at March 31, 2021 and the historical balance sheet of the ABTI at March 31, 2021. The unaudited pro forma condensed combined statement of operations for the year ended March 31, 2021 has been prepared by combining the Company’s historical consolidated statement of operations for the year ended March 31, 2021, with the historical statement of operations of ABTI for the year ended March 31, 2021. |
NOTE 3. PRELIMINARY PURCHASE PR
NOTE 3. PRELIMINARY PURCHASE PRICE ALLOCATION | 12 Months Ended |
Mar. 31, 2021 | |
Pro Forma Financials [Member] | |
NOTE 3. PRELIMINARY PURCHASE PRICE ALLOCATION | NOTE 3. PRELIMINARY PURCHASE PRICE ALLOCATION On May 28, 2021, the Company acquired ABTI for total consideration of 600,000,000 |
NOTE 4. PRO FORMA ADJUSTMENTS
NOTE 4. PRO FORMA ADJUSTMENTS | 12 Months Ended |
Mar. 31, 2021 | |
Pro Forma Financials [Member] | |
NOTE 4. PRO FORMA ADJUSTMENTS | NOTE 4. PRO FORMA ADJUSTMENTS The pro forma adjustments are based on our preliminary estimates and assumptions that are subject to change. The following adjustments have been reflected in the unaudited pro forma condensed combined financial information: a) To eliminate 600,000,000 shares of common stock held in trust and equity of ABTI. |
NOTE 2 _ SUMMARY OF SIGNIFICA_2
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United State of America (GAAP accounting) and include the accounts of Alterola and its wholly owned subsidiaries ABTI Pharma, Phytotherapeutix Ltd, Ferven Ltd., and Nano4M Ltd. All material intercompany transactions and balances have been eliminated. ALTEROLA BIOTECH, INC. NOTES TO THE UNAUDITED CONSOLIDATEDEDFINANCIAL STATEMENTS JUNE 30, 2021 NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) The Company had a September 30 fiscal year end. Subsequent to the Agreement with ABTI Pharma, the Company has changed its year end from September 30 to March 31. | |
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 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. | |
Funds in attorney trust account | Funds in attorney trust account The company does not have its own bank account. Amounts due from attorney represents fund held on behalf of the Company in trust by its legal counsel. | |
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. ALTEROLA BIOTECH, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2021 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 FV 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. | |
Foreign Currency Translation | Foreign Currency Translation The financial statements are presented in US Dollars. Transactions with foreign subsidiaries where US dollars are not the functional currency will be recorded in accordance with Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 830 Foreign Currency Transaction Comprehensive Income | |
Revenue Recognition | Revenue Recognition On January 1, 2018, the Company adopted ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"), using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under ASC 605. As of and for the year ended June 30, 2021, the financial statements were not materially impacted as a result of the application of Topic 606 compared to Topic 605. | |
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. ALTEROLA BIOTECH, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2021 NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) | |
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 | |
Risks and Uncertainties | Risks and Uncertainties On January 30, 2020, the World Health Organization declared the coronavirus outbreak a “Public Health Emergency of International Concern” and on March 10, 2020, declared it to be a pandemic. Actions taken around the world to help mitigate the spread of the coronavirus include restrictions on travel, and quarantines in certain areas, and forced closures for certain types of public places and business. The Coronavirus and actions taken to mitigate it have had and are expected to have an adverse impact on the economies and financial markets of many countries, including the geographical area in which the Company plans to operate.” | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Alterola does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow. | |
Transitional Period [Member] | ||
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 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. ALTEROLA BIOTECH, INC. NOTES TO THE FINANCIAL STATEMENTS NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) | |
Funds in attorney trust account | Funds in attorney trust account The company does not have its own bank account. Amounts due from attorney represents fund held on behalf of the Company in trust by its legal counsel. | |
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. 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 FV 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. ALTEROLA BIOTECH, INC. NOTES TO THE FINANCIAL STATEMENTS NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) | |
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. | |
Foreign Currency Translation | Foreign Currency Translation The financial statements are presented in US Dollars. Transactions with foreign subsidiaries where US dollars are not the functional currency will be recorded in accordance with Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 830 Foreign Currency Transaction Comprehensive Income | |
Revenue Recognition | Revenue Recognition On January 1, 2018, the Company adopted ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"), using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under ASC 605. As of and for the year ended March 31, 2021, the financial statements were not materially impacted as a result of the application of Topic 606 compared to Topic 605. | |
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 | |
Risks and Uncertainties | Risks and Uncertainties On January 30, 2020, the World Health Organization declared the coronavirus outbreak a “Public Health Emergency of International Concern” and on March 10, 2020, declared it to be a pandemic. Actions taken around the world to help mitigate the spread of the coronavirus include restrictions on travel, and quarantines in certain areas, and forced closures for certain types of public places and business. The Coronavirus and actions taken to mitigate it have had and are expected to have an adverse impact on the economies and financial markets of many countries, including the geographical area in which the Company plans to operate.” | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Alterola does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow. | |
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. Subsequent to the Agreement with ABTI Pharma Limited, the Company has changed its year end from September 30 to March 31. |
NOTE 2 - SUMMARY OF SIGNIFICA_2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United State of America (GAAP accounting) and include the accounts of Alterola and its wholly owned subsidiaries ABTI Pharma, Phytotherapeutix Ltd, Ferven Ltd., and Nano4M Ltd. All material intercompany transactions and balances have been eliminated. ALTEROLA BIOTECH, INC. NOTES TO THE UNAUDITED CONSOLIDATEDEDFINANCIAL STATEMENTS JUNE 30, 2021 NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) The Company had a September 30 fiscal year end. Subsequent to the Agreement with ABTI Pharma, the Company has changed its year end from September 30 to March 31. | |
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. | |
Foreign Currency Translations | Foreign Currency Translation The financial statements are presented in US Dollars. Transactions with foreign subsidiaries where US dollars are not the functional currency will be recorded in accordance with Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 830 Foreign Currency Transaction Comprehensive Income | |
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. | |
Loss per 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. ALTEROLA BIOTECH, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2021 NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Alterola does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow. | |
A B T I Pharma [Member] | ||
Basis of Presentation | Basis of Presentation The Financial Statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Financial Statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles (“GAAP”) of the United States. | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Ferven Limited (United Kingdom) and Phytotherapeutix Ltd (United Kingdom). All significant intercompany transactions and balances have been eliminated in consolidation. | |
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 of 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 cash equivalents Cash and cash equivalents consist of cash and short-term investments with original maturities of less than 90 days. Cash equivalents are placed with high credit quality financial institutions and are primarily in money market funds. The carrying value of those investments approximates fair value. The Company had $519 $2 | |
Foreign Currency Translations | Foreign Currency Translations The Company’s functional currency is in British pound sterling (“GBP”). All transactions are translated into U.S. dollars in accordance with ASC 830-30, “Translation of Financial Statements,” 1) Monetary assets and liabilities at the rate of exchange in effect at the balance sheet date. 2) Equity at historical rates. 3) Revenue and expense items at the average rate of exchange prevailing during the period. Adjustments arising from such translations are deferred until realization and are included as a separate component of stockholders’ equity as a component of comprehensive income or loss. Therefore, translation adjustments are not included in determining net income (loss) but reported as other comprehensive income (loss). Gains and losses from foreign currency transactions are included in earnings in the period of settlement. | |
Financial Instruments | Financial Instruments FASB ASC 820, Fair Value Measurements and Disclosure The carrying amounts of cash, accounts payable and accrued liabilities, and due to related parties approximate fair value because of the short-term nature of these items. | |
Concentrations of Credit Risks | Concentrations of Credit Risks The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and related party payables it will likely incur in the near future. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. At times, its cash with a particular financial institution may exceed any applicable government insurance limits. The Company’s management plans to assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited. | |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Accounting for Income Taxes”. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities and for operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. As of March 31, 2021, and 2020, the Company did not have any amounts recorded pertaining to uncertain tax positions. | |
Loss per Share | Loss per Share The Company has adopted ASC 260, “Earnings Per Share,” (“EPS”) which requires presentation of basic and diluted EPS on the face of the income statement for all entities with complex capital structures, and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. In the accompanying financial statements, basic loss per share is computed by dividing net loss by the weighted average number of shares of ordinary stock outstanding during the period. The Company has no potentially dilutive securities currently issued and outstanding. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Management has considered all recent accounting pronouncements issued since the last audit of its financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
NOTE 3 _ ACCRUED EXPENSES (Tabl
NOTE 3 – ACCRUED EXPENSES (Tables) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
Payables and Accruals [Abstract] | ||
NOTE 3 - ACCRUED EXPENSES - Schedule of Accrued Expenses | June 30, 2021 March 31, 2021 Audit fees $ 17,687 $ — Accounting 5,600 5,600 Research and development 126,415 — Legal fees and transfer agent 14,644 15,644 Total Accrued Expenses $ 164,346 $ 20,244 | March 31, 2021 September 30, 2020 Audit fees $ — $ 10,000 Accounting 5,600 6,600 Legal fees and transfer agent 14,644 19,644 Total Accrued Expenses $ 20,244 $ 36,244 |
NOTE 5 _ INCOME TAX (Tables)
NOTE 5 – INCOME TAX (Tables) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
NOTE 5 - INCOME TAX - Provisions for Income Tax | 2021 2020 Current: Federal income taxes (benefit) (33,490 ) $ (82,472 ) State income taxes — — Deferred Benefit from net operating loss 33,490 82,472 $ (0 ) $ (0 ) | March 31, 2021 Net Operating Loss carryforward $ 65,176 Valuation allowance (65,176) Net deferred tax asset $ — |
NOTE 5 - INCOME TAXES - Reconciliation of Income Taxes | 2021 2020 Expected tax expense (benefit) using regular rates $ 33,490 $ 82,472 State minimum tax valuation allowance (33,490 ) (82,472 ) Tax Provision $ — $ — | |
NOTE 5 - INCOME TAXES - Deferred Tax Assets | March 31, 2021 September 30, 2020 Deferred income tax asset Net operation loss carryforwards 466,662 433,172 Total deferred income tax asset 466,662 433,172 Less: valuation allowance (466,662 ) (433,172) Total deferred income tax asset $ — $ — | March 31, 2021 March 31, 2020 Net Operating Profit $ (343,033 ) $ — Effective tax rate 19% — Income Tax expense (65,176 ) — Less: valuation allowance 65,176 — Income Tax Expense $ — $ — |
NOTE 4 - INCOME TAXES (Tables)
NOTE 4 - INCOME TAXES (Tables) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
NOTE 4 - INCOME TAX - Provisions for Income Tax | 2021 2020 Current: Federal income taxes (benefit) (33,490 ) $ (82,472 ) State income taxes — — Deferred Benefit from net operating loss 33,490 82,472 $ (0 ) $ (0 ) | March 31, 2021 Net Operating Loss carryforward $ 65,176 Valuation allowance (65,176) Net deferred tax asset $ — |
NOTE 4 - INCOME TAXES - Deferred Tax Assets | March 31, 2021 September 30, 2020 Deferred income tax asset Net operation loss carryforwards 466,662 433,172 Total deferred income tax asset 466,662 433,172 Less: valuation allowance (466,662 ) (433,172) Total deferred income tax asset $ — $ — | March 31, 2021 March 31, 2020 Net Operating Profit $ (343,033 ) $ — Effective tax rate 19% — Income Tax expense (65,176 ) — Less: valuation allowance 65,176 — Income Tax Expense $ — $ — |
NOTE 1 _ NATURE OF BUSINESS (De
NOTE 1 – NATURE OF BUSINESS (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | ||||
May 28, 2021 | May 24, 2021 | Jan. 29, 2021 | May 03, 2010 | Mar. 31, 2021 | Jun. 30, 2021 | |
Common stock, shares issued for acquisition, shares | 600,000,000 | 600,000,000 | ||||
Liabilities | $ 389,721 | $ 759,638 | $ 910,723 | |||
Stock Issued During Period, Value, Acquisitions | $ 600,000 | |||||
Director | ||||||
Common stock, shares issued for acquisition, shares | 55,000,000 | |||||
Consulting Services | ||||||
Common stock, shares issued for acquisition, shares | 600,000,000 |
NOTE 3 - ACCRUED EXPENSES - Sch
NOTE 3 - ACCRUED EXPENSES - Schedule of Accrued Expenses (Details) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2019 |
Interim Period, Costs Not Allocable [Line Items] | ||||
Total Accrued Expenses | $ 164,346 | $ 20,244 | ||
Transitional Period [Member] | ||||
Interim Period, Costs Not Allocable [Line Items] | ||||
Total Accrued Expenses | 20,244 | $ 36,244 | $ 35,202 | |
Audit Fees [Member] | ||||
Interim Period, Costs Not Allocable [Line Items] | ||||
Accrued Professional Fees, Current | 17,687 | |||
Audit Fees [Member] | Transitional Period [Member] | ||||
Interim Period, Costs Not Allocable [Line Items] | ||||
Accrued Professional Fees, Current | 10,000 | |||
Accounting [Member] | ||||
Interim Period, Costs Not Allocable [Line Items] | ||||
Accrued Professional Fees, Current | 5,600 | 5,600 | ||
Accounting [Member] | Transitional Period [Member] | ||||
Interim Period, Costs Not Allocable [Line Items] | ||||
Accrued Professional Fees, Current | 5,600 | 6,600 | ||
Research And Development [Member] | ||||
Interim Period, Costs Not Allocable [Line Items] | ||||
Accrued Professional Fees, Current | 126,415 | |||
Legal And Transfer Agent [Member] | ||||
Interim Period, Costs Not Allocable [Line Items] | ||||
Accrued Professional Fees, Current | $ 14,644 | 15,644 | ||
Legal And Transfer Agent [Member] | Transitional Period [Member] | ||||
Interim Period, Costs Not Allocable [Line Items] | ||||
Accrued Professional Fees, Current | $ 14,644 | $ 19,644 |
NOTE 4 _ CAPITAL STOCK (Details
NOTE 4 – CAPITAL STOCK (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||||
May 28, 2021 | May 24, 2021 | Jan. 29, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 | ||||||
Common stock, par value | $ 0.001 | $ 0.001 | ||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | ||||||
Common stock, shares issued | 754,280,000 | 129,980,000 | 754,280,000 | |||||
Common stock, shares outstanding | 754,280,000 | 754,280,000 | ||||||
Preferred stock, shares issued | 0 | 0 | ||||||
Preferred stock, shares outstanding | 0 | 0 | ||||||
Stock Issued During Period, Shares, Acquisitions | 600,000,000 | 600,000,000 | ||||||
Stock Issued During Period, Value, Acquisitions | $ 600,000 | |||||||
Consulting Services | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Stock Issued During Period, Shares, Acquisitions | 600,000,000 | |||||||
Transitional Period [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 | ||||||
Common stock, par value | $ 0.001 | $ 0.001 | ||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | |||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||||
Common stock, shares issued | 754,280,000 | 129,980,000 | ||||||
Common stock, shares outstanding | 754,280,000 | 129,980,000 | ||||||
Preferred stock, shares issued | 0 | 0 | 0 | |||||
Preferred stock, shares outstanding | 0 | 0 | 0 | |||||
Stock Issued During Period, Shares, Issued for Services | 24,300,000 | 13,000,000 | ||||||
Stock Issued During Period, Value, Issued for Services | $ 243,000 | $ 0 | $ 130,000 | $ 0 | ||||
Stock Issued During Period, Shares, Acquisitions | 600,000,000 | |||||||
Transitional Period [Member] | Officer Issuance [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Stock Issued During Period, Shares, Issued for Services | 1,000,000 | |||||||
Stock Issued During Period, Value, Issued for Services | $ 90,000 | |||||||
Transitional Period [Member] | Consulting Services | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Stock Issued During Period, Shares, Acquisitions | 600,000,000 | |||||||
Stock Issued During Period, Value, Acquisitions | $ 600,000 |
NOTE 5 _ RELATED PARTY TRANSA_2
NOTE 5 – RELATED PARTY TRANSACTIONS (Details Narrative) | 3 Months Ended |
Jun. 30, 2021USD ($) | |
Related Party Transactions [Abstract] | |
Shareholder advances | $ 79,096 |
Directors fees | $ 330,000 |
NOTE 6 _ LIQUIDITY & GOING CO_2
NOTE 6 – LIQUIDITY & GOING CONCERN (Details Narrative) | 147 Months Ended |
Jun. 30, 2021USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Negative working capital | $ 895,496 |
Loss since inception | $ 1,649,936 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Mar. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2019 |
Current Assets | |||
Total Current Assets | $ 519 | ||
TOTAL ASSETS | 519 | ||
Current Liabilities | |||
Accrued expenses | 20,244 | ||
Advances from related party | 78,350 | ||
Total Current Liabilities | 759,638 | ||
Total Liabilities | 759,638 | ||
Stockholders’ Deficit | |||
Preferred Stock, $.001 par value, 10,000,000 shares authorized, -0- shares issued and outstanding | |||
Common Stock, $.001 par value, 2,000,000,000 shares authorized, 754,280,000 and 129,980,000 shares issued and outstanding, respectively | 754,280 | ||
Additional paid-in capital | 0 | ||
Accumulated deficit | (1,499,376) | ||
Total Stockholders’ Equity (Deficit) | (759,119) | ||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | 519 | ||
Transitional Period [Member] | |||
Current Assets | |||
Funds in attorney trust account | 12,773 | $ 15,273 | $ 14,742 |
Total Current Assets | 12,773 | 15,273 | 14,742 |
TOTAL ASSETS | 12,773 | 15,273 | 14,742 |
Current Liabilities | |||
Accrued expenses | 20,244 | 36,244 | 35,202 |
Advances from related party | 52,250 | 2,250 | 2,250 |
Total Current Liabilities | 402,494 | 338,494 | 217,452 |
Total Liabilities | 402,494 | 338,494 | 217,452 |
Stockholders’ Deficit | |||
Preferred Stock, $.001 par value, 10,000,000 shares authorized, -0- shares issued and outstanding | |||
Common Stock, $.001 par value, 2,000,000,000 shares authorized, 754,280,000 and 129,980,000 shares issued and outstanding, respectively | 754,280 | 129,980 | 116,980 |
Additional paid-in capital | 987,287 | 768,587 | 651,587 |
Common stock held in trust | (600,000) | ||
Accumulated deficit | (1,531,288) | (1,221,788) | (971,277) |
Total Stockholders’ Equity (Deficit) | (389,721) | (323,221) | (202,710) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ 12,773 | $ 15,273 | $ 14,742 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2019 |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | ||
Preferred Stock, Shares Issued | 0 | 0 | ||
Preferred Stock, Shares Outstanding | 0 | 0 | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||
Common Stock, Shares Authorized | 2,000,000,000 | 2,000,000,000 | ||
Common Stock, Shares, Issued | 754,280,000 | 754,280,000 | 129,980,000 | |
Common Stock, Shares, Outstanding | 754,280,000 | 754,280,000 | ||
Transitional Period [Member] | ||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 | |
Preferred Stock, Shares Issued | 0 | 0 | 0 | |
Preferred Stock, Shares Outstanding | 0 | 0 | 0 | |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||
Common Stock, Shares Authorized | 2,000,000,000 | 2,000,000,000 | ||
Common Stock, Shares, Issued | 754,280,000 | 129,980,000 | ||
Common Stock, Shares, Outstanding | 754,280,000 | 129,980,000 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | |
Transitional Period [Member] | ||||
REVENUES | $ 0 | $ 0 | $ 0 | $ 0 |
OPERATING EXPENSES | ||||
Accounting and audit fees | 26,500 | 10,500 | 11,000 | 10,000 |
Professional fees | 243,000 | 130,000 | 126,000 | |
Consulting fees | 60,000 | 60,000 | ||
Legal fees | 5,000 | 4,034 | 4,034 | 930 |
Directors fees | 30,000 | 60,000 | 120,000 | 120,000 |
General and administrative expenses | 5,000 | 4,467 | 4,477 | 523 |
TOTAL OPERATING EXPENSES | 309,500 | 139,001 | 329,511 | 258,453 |
LOSS FROM OPERATIONS | (309,500) | (139,001) | (329,511) | (258,453) |
OTHER INCOME (EXPENSE) | ||||
Miscellaneous sale | 79,000 | 79,000 | ||
Interest expense | (249) | |||
TOTAL OTHER INCOME (EXPENSE) | 79,000 | 79,000 | (249) | |
PROVISION FOR INCOME TAXES | ||||
NET LOSS | $ (309,500) | $ (60,001) | $ (250,511) | $ (258,702) |
NET LOSS PER SHARE: BASIC AND DILUTED | $ 0 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 442,363,333 | 116,980,000 | 118,063,333 | 116,563,333 |
STATEMENT OF STOCKHOLDERS' DEFI
STATEMENT OF STOCKHOLDERS' DEFICIT - Transitional Period [Member] - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Shares Held In Trust [Member] | Comprehensive Income [Member] |
Beginning balance, value at Sep. 30, 2019 | $ 116,980 | $ 651,587 | $ (971,277) | |
Shares, Issued, Beginning Balance at Sep. 30, 2019 | 116,980,000 | |||
Beginning balance, value at Sep. 30, 2019 | $ 116,980 | 651,587 | (971,277) | |
Shares, Issued, Beginning Balance at Sep. 30, 2019 | 116,980,000 | |||
Common stock issued for services | $ 13,000 | 117,000 | ||
Stock Issued During Period, Shares, Issued for Services | 13,000,000 | |||
Net loss | (250,511) | |||
Ending balance, value at Sep. 30, 2020 | $ 129,980 | 768,587 | (1,221,788) | |
Shares, Issued, Ending Balance at Sep. 30, 2020 | 129,980,000 | |||
Ending balance, value at Mar. 31, 2021 | $ 754,280 | 987,287 | (600,000) | (1,531,288) |
Shares, Issued, Ending Balance at Mar. 31, 2021 | 754,280,000 | |||
Beginning balance, value at Sep. 30, 2020 | $ 129,980 | 768,587 | (1,221,788) | |
Shares, Issued, Beginning Balance at Sep. 30, 2020 | 129,980,000 | |||
Common stock issued for services | $ 24,300 | 218,700 | ||
Stock Issued During Period, Shares, Issued for Services | 24,300,000 | |||
Net loss | (309,500) | |||
Common stock issued for acquisition | $ 600,000 | (600,000) | ||
Stock Issued During Period, Shares, Acquisitions | 600,000,000 | |||
Ending balance, value at Mar. 31, 2021 | $ 754,280 | 987,287 | (600,000) | (1,531,288) |
Shares, Issued, Ending Balance at Mar. 31, 2021 | 754,280,000 | |||
Ending balance, value at Mar. 31, 2021 | $ 754,280 | $ 987,287 | $ (600,000) | $ (1,531,288) |
Shares, Issued, Ending Balance at Mar. 31, 2021 | 754,280,000 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net loss for the period | $ (150,560) | $ (343,033) | |||||
Changes in assets and liabilities: | |||||||
Increase (decrease) in accrued expenses | 144,590 | ||||||
Net Cash Used by Operating Activities | (718) | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Net Cash Used by Investing Activities | 0 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
Due from related parties | 746 | ||||||
Net Cash Provided by Financing Activities | 746 | ||||||
Cash and cash equivalents, beginning of period | 519 | ||||||
Cash and cash equivalents, end of period | 387 | 519 | $ 519 | $ 519 | |||
SUPPLEMENTAL CASH FLOW INFORMATION | |||||||
Interest paid | |||||||
Income taxes paid | |||||||
Transitional Period [Member] | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net loss for the period | (309,500) | $ (60,001) | $ (250,511) | $ (258,702) | |||
Non-cash items related to operations | |||||||
Stock based compensation | 243,000 | 0 | 130,000 | 126,000 | |||
Changes in assets and liabilities: | |||||||
Increase (decrease) in accrued expenses | 14,000 | 60,533 | 121,042 | 130,953 | |||
Increase (decrease) in accrued interest | 0 | 0 | 0 | 249 | |||
Increase (decrease) in advance from related party | 0 | 0 | 0 | 1,500 | |||
Increase (decrease) in due from attorney | 2,500 | (532) | (531) | 0 | |||
Net Cash Used by Operating Activities | (50,000) | 0 | 0 | 0 | |||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Acquisition of intellectual property | 0 | 0 | 0 | 0 | |||
Website development | 0 | 0 | 0 | 0 | |||
Net Cash Used by Investing Activities | 0 | 0 | 0 | 0 | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
Due from related parties | 50,000 | 0 | 0 | 0 | |||
Proceeds from notes payable | 0 | 0 | 0 | 0 | |||
Net Cash Provided by Financing Activities | 50,000 | 0 | 0 | 0 | |||
Net Increase (Decrease) in Cash and Cash Equivalents | 0 | 0 | 0 | 0 | |||
Cash and cash equivalents, beginning of period | $ 0 | 0 | 0 | 0 | 0 | 0 | |
Cash and cash equivalents, end of period | $ 0 | 0 | 0 | $ 0 | 0 | 0 | |
SUPPLEMENTAL CASH FLOW INFORMATION | |||||||
Interest paid | 0 | 0 | 0 | 0 | |||
Income taxes paid | 0 | 0 | 0 | 0 | |||
NON-CASH INVESTING AND FINANCING INFORMATION | |||||||
Common stock to be issued for acquisition | 600,000 | 0 | 0 | 0 | |||
Common stock issued for services | $ 243,000 | $ 0 | $ 130,000 | $ 0 |
NOTE 5 - INCOME TAX - Provision
NOTE 5 - INCOME TAX - Provisions for Income Tax - Transitional Period [Member] - USD ($) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Sep. 30, 2020 | |
Current Federal Tax Expense (Benefit) | $ (33,490) | $ (82,472) |
Current State and Local Tax Expense (Benefit) | ||
Deferred Benefit from net operating loss | 33,490 | 82,472 |
Current Federal, State and Local, Tax Expense (Benefit) | $ 0 | $ 0 |
NOTE 5 - INCOME TAXES - Reconci
NOTE 5 - INCOME TAXES - Reconciliation of Income Taxes (Details) - Transitional Period [Member] - USD ($) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Sep. 30, 2020 | |
Income Tax Expense (Benefit) | $ 33,490 | $ 82,472 |
State minimum tax valuation allowance | (33,490) | (82,472) |
Tax Adjustments, Settlements, and Unusual Provisions |
NOTE 5 - INCOME TAXES - Deferre
NOTE 5 - INCOME TAXES - Deferred Tax Assets (Details) - Transitional Period [Member] - USD ($) | Mar. 31, 2021 | Sep. 30, 2020 |
Deferred income tax asset | ||
Net operation loss carryforwards | $ 466,662 | $ 433,172 |
Total deferred income tax asset | 466,662 | 433,172 |
Less: valuation allowance | (466,662) | (433,172) |
Total deferred income tax asset |
NOTE 5 _ INCOME TAX (Details Na
NOTE 5 – INCOME TAX (Details Narrative) | Mar. 31, 2021USD ($) |
Income Tax Disclosure [Abstract] | |
Operating Loss Carryforwards | $ 1,372,534 |
NOTE 6 _ RELATED PARTY TRANSA_2
NOTE 6 – RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | |
Shareholder advances | $ 746 | ||||
Directors fees | $ 330,000 | ||||
Transitional Period [Member] | |||||
Shareholder advances | $ 50,000 | $ 0 | $ 0 | $ 0 | |
Directors fees | $ 330,000 |
NOTE 7 _ LIQUIDITY & GOING CO_2
NOTE 7 – LIQUIDITY & GOING CONCERN (Details Narrative) - USD ($) | 147 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | |
Negative working capital | $ 895,496 | |
Loss since inception | $ 1,649,936 | |
Transitional Period [Member] | ||
Negative working capital | $ 389,521 | |
Loss since inception | $ 1,531,288 |
NOTE 8 _ OTHER INCOME (Details
NOTE 8 – OTHER INCOME (Details Narrative) | 12 Months Ended |
Sep. 30, 2020USD ($) | |
Transitional Period [Member] | |
Other income | $ 79,000 |
NOTE 9 _ SUBSEQUENT EVENTS (Det
NOTE 9 – SUBSEQUENT EVENTS (Details Narrative) - shares | 1 Months Ended | |
May 28, 2021 | May 24, 2021 | |
Common stock issued for aquisition, shares | 600,000,000 | 600,000,000 |
Transitional Period [Member] | ||
Common stock issued for aquisition, shares | 600,000,000 |
Consolidated Balance Sheets - A
Consolidated Balance Sheets - ABTI Pharma Limited - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Current Assets | ||
Cash | $ 519 | |
Total Current Assets | 519 | |
TOTAL ASSETS | 519 | |
Current Liabilities | ||
Total Current Liabilities | 759,638 | |
Total Liabilities | 759,638 | |
Shareholders' Deficit | ||
Additional paid in capital | 0 | |
Accumulated deficit | (1,499,376) | |
Total Stockholders’ Equity (Deficit) | (759,119) | |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | 519 | |
A B T I Pharma [Member] | ||
Current Assets | ||
Cash | 519 | $ 2 |
Total Current Assets | 519 | 2 |
TOTAL ASSETS | 519 | 2 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 97,130 | |
Accounts payable – related party | 232,665 | |
Loan payable - related party | 26,100 | |
Total Current Liabilities | 355,895 | |
Total Liabilities | 355,895 | |
Shareholders' Deficit | ||
Ordinary shares: GBP £1.00 ($1.36) par value 100 shares issued and outstanding | 136 | 3 |
Additional paid in capital | 1,544 | |
Accumulated deficit | (343,033) | |
Accumulated other comprehensive loss | (14,023) | (1) |
Total Stockholders’ Equity (Deficit) | (355,376) | 2 |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ 519 | $ 2 |
Consolidated Balance Sheets -_2
Consolidated Balance Sheets - ABTI Pharma Limited (Parenthetical) - $ / shares | Mar. 31, 2021 | Mar. 31, 2020 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | |
[custom:OrdinaryStockSharesIssued-0] | 100 | 2 |
Ordinary Shares [Member] | ||
Common Stock, Par or Stated Value Per Share | $ 1.36 | $ 1.36 |
[custom:OrdinaryStockSharesIssued-0] | 100 | |
[custom:OrdinaryStockSharesOutstanding-0] | 100 |
Consolidated Statements of Conp
Consolidated Statements of Conprehensive Loss - ABTI Pharma Limited - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
A B T I Pharma [Member] | ||
Revenue | $ 0 | $ 0 |
Operating Expenses: | ||
General and administrative | 28,838 | |
Professional fees | 92,219 | |
Research and development – related party | 220,512 | |
TOTAL OPERATING EXPENSES | 341,569 | |
LOSS FROM OPERATIONS | (341,569) | |
Other income (expense) | ||
Interest expense | (1,464) | |
TOTAL OTHER INCOME (EXPENSE) | (1,464) | |
Net loss before taxes | (343,033) | |
Income tax benefit | ||
NET LOSS | (343,033) | |
Other comprehensive income (loss) | ||
Foreign currency translation adjustment | (14,022) | |
Comprehensive Loss | $ (357,055) | |
Net loss per ordinary share, basic and diluted | $ (3,430) | |
Basic and diluted weighted average ordinary shares outstanding | 100 | 2 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Deficit - A B T I Pharma [Member] - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Comprehensive Income [Member] |
Beginning balance, value at Mar. 31, 2019 | $ 3 | $ (1) | ||
Shares, Issued, Beginning Balance at Mar. 31, 2019 | 2 | |||
Net loss | ||||
Ending balance, value at Mar. 31, 2020 | $ 3 | (1) | ||
Shares, Issued, Ending Balance at Mar. 31, 2020 | 2 | |||
Ending balance, value at Mar. 31, 2020 | $ 3 | (1) | ||
Shares, Issued, Ending Balance at Mar. 31, 2020 | 2 | |||
Net loss | (343,033) | |||
Issuance of ordinary shares | 133 | |||
Related party interest forgiven | 1,544 | |||
Foreign currency translation adjustment | (14,022) | |||
Ending balance, value at Mar. 31, 2021 | $ 136 | 1,544 | (343,033) | (14,023) |
Shares, Issued, Ending Balance at Mar. 31, 2021 | 100 | |||
Ending balance, value at Mar. 31, 2021 | $ 136 | 1,544 | (343,033) | (14,023) |
Shares, Issued, Ending Balance at Mar. 31, 2021 | 100 | |||
Ending balance, value at Mar. 31, 2021 | $ 136 | $ 1,544 | $ (343,033) | $ (14,023) |
Shares, Issued, Ending Balance at Mar. 31, 2021 | 100 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (ATBI) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net loss | $ (150,560) | $ (343,033) | ||
Changes in current assets and liabilities: | ||||
Net cash used in operating activities | (718) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Net cash provided by financing activities | 746 | |||
Effect of exchange rate in cash | (160) | |||
Net change in cash for the period | (132) | |||
Cash and cash equivalents, beginning of period | 519 | |||
Cash and cash equivalents, end of period | 387 | 519 | $ 519 | |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||
Cash paid for income taxes | ||||
Cash paid for interest | ||||
A B T I Pharma [Member] | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net loss | (343,033) | |||
Changes in current assets and liabilities: | ||||
Accounts payable – related party | 220,512 | |||
Accounts payable and accrued liabilities | 93,520 | |||
Net cash used in operating activities | (29,000) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from issuance of ordinary shares | 128 | |||
Proceeds from related party loans | 24,736 | |||
Net cash provided by financing activities | 24,864 | |||
Effect of exchange rate in cash | 4,653 | |||
Net change in cash for the period | 517 | |||
Cash and cash equivalents, beginning of period | $ 519 | 2 | 2 | |
Cash and cash equivalents, end of period | $ 519 | 519 | 2 | |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||
Cash paid for income taxes | ||||
Cash paid for interest | ||||
NON-CASH INVESTING AND FINANCING ACTIVITIES | ||||
Forgiveness of related party accrued interest | $ 1,464 |
NOTE 2 - SUMMARY OF SIGNIFICA_3
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Cash | $ 387 | $ 519 | |
A B T I Pharma [Member] | |||
Cash | $ 519 | $ 2 |
NOTE 3 - GOING CONCERN (Details
NOTE 3 - GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Jan. 06, 2021 | Mar. 31, 2019 | |
Net Income (Loss) Attributable to Parent | $ 150,560 | $ 343,033 | ||||
Stockholders' Equity Attributable to Parent | 895,496 | 759,119 | $ 759,119 | $ (136) | ||
Retained Earnings (Accumulated Deficit) | $ 1,649,936 | 1,499,376 | 1,499,376 | |||
A B T I Pharma [Member] | ||||||
Net Income (Loss) Attributable to Parent | 343,033 | |||||
Stockholders' Equity Attributable to Parent | 355,376 | 355,376 | (2) | $ (2) | ||
Retained Earnings (Accumulated Deficit) | $ 343,033 | $ 343,033 |
NOTE 4 - INCOME TAX - Provision
NOTE 4 - INCOME TAX - Provisions for Income Tax | Mar. 31, 2021USD ($) |
Net Operating Loss carryforward | $ 1,372,534 |
A B T I Pharma [Member] | |
Net Operating Loss carryforward | 65,176 |
Valuation allowance | (65,176) |
Net deferred tax asset |
NOTE 4 - INCOME TAXES - Deferre
NOTE 4 - INCOME TAXES - Deferred Tax Assets (Details) - USD ($) | 12 Months Ended | 147 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2021 | |
Net Operating Profit | $ 1,649,936 | ||
A B T I Pharma [Member] | |||
Net Operating Profit | $ (343,033) | ||
Effective tax rate | 19.00% | ||
Income Tax expense | $ (65,176) | ||
Less: valuation allowance | 65,176 | ||
Income Tax Expense |
NOTE 5 - RELATED PARTIES TRAN_2
NOTE 5 - RELATED PARTIES TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2020 | |
Additional Paid in Capital | $ 0 | ||
A B T I Pharma [Member] | |||
Shareholder advances as loan payable to related party | 24,736 | ||
Debt Instrument, Increase, Accrued Interest | $ 1,544 | ||
Debt Instrument, Interest Rate, Effective Percentage | 13.00% | ||
Additional Paid in Capital | $ 1,544 | ||
[custom:ResearchAndDevelopmentServicesRenderedByRelatedParty] | 232,665 | ||
Accounts Payable, Related Parties, Current | $ 232,665 |
NOTE 6 - EQUITY (Details Narrat
NOTE 6 - EQUITY (Details Narrative) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2021USD ($)$ / sharesshares | Mar. 31, 2021USD ($)$ / sharesshares | Jun. 30, 2021$ / shares | Mar. 31, 2021£ / sharesshares | Mar. 31, 2020shares | |
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||
Stock Issued During Period, Value, Other | $ | $ (403,743) | ||||
[custom:OrdinaryStockSharesIssued-0] | 100 | 100 | 100 | 2 | |
A B T I Pharma [Member] | |||||
Common Stock, Par or Stated Value Per Share | £ / shares | £ 1 | ||||
Stock Issued During Period, Shares, Other | 100 | ||||
Stock Issued During Period, Value, Other | $ | $ 133 | ||||
[custom:OrdinaryStockSharesOutstanding-0] | 100 | 100 | 100 | 2 |
Unaudited Pro Forma Condensed C
Unaudited Pro Forma Condensed Combined Balance Sheet | Mar. 31, 2021USD ($) |
Current Assets | |
Cash | $ 519 |
Total Current Assets | 519 |
TOTAL ASSETS | 519 |
Current Liabilities | |
Total Current Liabilities | 759,638 |
Total Liabilities | 759,638 |
Stockholders’ Deficit | |
Preferred Stock, $.001 par value, 10,000,000 shares authorized, -0- shares issued and outstanding | |
Common stock: 2,000,000,000 authorized; $.001 par value 754,280,000 shares issued and outstanding | 754,280 |
Additional paid in capital | 0 |
Accumulated deficit | (1,499,376) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | 519 |
Alterola Biotech [Member] | |
Current Assets | |
Cash | 12,773 |
Total Current Assets | 12,773 |
TOTAL ASSETS | 12,773 |
Current Liabilities | |
Accounts payable and accrued liabilities | 20,244 |
Accounts payable - related party | 330,000 |
Loans payable - related parties | 52,250 |
Total Current Liabilities | 402,494 |
Total Liabilities | 402,494 |
Stockholders’ Deficit | |
Preferred Stock, $.001 par value, 10,000,000 shares authorized, -0- shares issued and outstanding | |
Common stock: 2,000,000,000 authorized; $.001 par value 754,280,000 shares issued and outstanding | 754,280 |
Ordinary shares: GBP £1.00 ($1.36) par value 100 shares issued and outstanding | |
Additional paid in capital | 987,287 |
Common stock held in trust | (600,000) |
Accumulated deficit | (1,531,288) |
Accumulated other comprehensive loss | |
Total Stockholder’s Deficit | (389,721) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | 12,773 |
A B T I Pharma Limited [Member] | |
Current Assets | |
Cash | 519 |
Total Current Assets | 519 |
TOTAL ASSETS | 519 |
Current Liabilities | |
Accounts payable and accrued liabilities | 97,130 |
Accounts payable - related party | 232,665 |
Loans payable - related parties | 26,100 |
Total Current Liabilities | 355,895 |
Total Liabilities | 355,895 |
Stockholders’ Deficit | |
Preferred Stock, $.001 par value, 10,000,000 shares authorized, -0- shares issued and outstanding | |
Common stock: 2,000,000,000 authorized; $.001 par value 754,280,000 shares issued and outstanding | |
Ordinary shares: GBP £1.00 ($1.36) par value 100 shares issued and outstanding | 136 |
Additional paid in capital | 1,544 |
Common stock held in trust | |
Accumulated deficit | (343,033) |
Accumulated other comprehensive loss | (14,023) |
Total Stockholder’s Deficit | (355,376) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | 519 |
Proforma Adjustments [Member] | |
Current Assets | |
Cash | |
Total Current Assets | |
TOTAL ASSETS | |
Current Liabilities | |
Accounts payable and accrued liabilities | |
Accounts payable - related party | |
Loans payable - related parties | |
Total Current Liabilities | |
Total Liabilities | |
Stockholders’ Deficit | |
Preferred Stock, $.001 par value, 10,000,000 shares authorized, -0- shares issued and outstanding | |
Common stock: 2,000,000,000 authorized; $.001 par value 754,280,000 shares issued and outstanding | |
Ordinary shares: GBP £1.00 ($1.36) par value 100 shares issued and outstanding | (136) |
Additional paid in capital | (599,864) |
Common stock held in trust | 600,000 |
Accumulated deficit | |
Accumulated other comprehensive loss | |
Total Stockholder’s Deficit | |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
Proforma As Adjusted [Member] | |
Current Assets | |
Cash | 13,292 |
Total Current Assets | 13,292 |
TOTAL ASSETS | 13,292 |
Current Liabilities | |
Accounts payable and accrued liabilities | 117,374 |
Accounts payable - related party | 562,665 |
Loans payable - related parties | 78,350 |
Total Current Liabilities | 758,389 |
Total Liabilities | 758,389 |
Stockholders’ Deficit | |
Preferred Stock, $.001 par value, 10,000,000 shares authorized, -0- shares issued and outstanding | |
Common stock: 2,000,000,000 authorized; $.001 par value 754,280,000 shares issued and outstanding | 754,280 |
Ordinary shares: GBP £1.00 ($1.36) par value 100 shares issued and outstanding | |
Additional paid in capital | 388,967 |
Common stock held in trust | |
Accumulated deficit | (1,874,321) |
Accumulated other comprehensive loss | (14,023) |
Total Stockholder’s Deficit | (745,097) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ 13,292 |
Unaudited Pro Forma Condensed_2
Unaudited Pro Forma Condensed Combined Balance Sheet (Parenthetical) | Mar. 31, 2021$ / sharesshares |
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 |
Preferred Stock, Shares Authorized | 10,000,000 |
Preferred Stock, Shares Issued | 0 |
Preferred Stock, Shares Outstanding | 0 |
Common Stock, Shares Authorized | 2,000,000,000 |
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 |
Common Stock, Shares, Issued | 754,280,000 |
Common Stock, Shares, Outstanding | 754,280,000 |
Pro Forma Financials [Member] | |
Preferred Stock, Shares Authorized | 10,000,000 |
Preferred Stock, Shares Issued | 0 |
Preferred Stock, Shares Outstanding | 0 |
Common Stock, Shares Authorized | 2,000,000,000 |
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 |
Common Stock, Shares, Issued | 754,280,000 |
Common Stock, Shares, Outstanding | 754,280,000 |
[custom:OrdinarySharesParOrStatedValuePerShare-0] | $ / shares | $ 1.36 |
[custom:OrdinarySharesIssued-0] | 100 |
[custom:OrdinarySharesOutstanding-0] | 100 |
Unaudited Pro Forma Condensed_3
Unaudited Pro Forma Condensed Combined Statement of Operations | 12 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Alterola Biotech [Member] | |
Revenue | $ 0 |
Operating Expenses | |
Research and development | |
Accounting and audit fees | 23,500 |
Professional fees | 373,000 |
Legal fees | 5,000 |
Directors fees | 90,000 |
General and administrative expenses | 5,010 |
TOTAL OPERATING EXPENSES | 496,510 |
LOSS FROM OPERATIONS | (496,510) |
Other Income (Expense) | |
Interest expense | |
Total other expense | |
Net loss before provision for income taxes | (496,510) |
Income taxes | |
Net loss | (496,510) |
Other comprehensive loss | |
Foreign currency translation adjustment | |
Total comprehensive loss | $ (496,510) |
Basic and dilutive loss per common share | $ / shares | $ 0 |
Weighted average number of common shares outstanding | shares | 442,363,333 |
A B T I Pharma Limited [Member] | |
Revenue | $ 0 |
Operating Expenses | |
Research and development | 220,512 |
Accounting and audit fees | |
Professional fees | 92,219 |
Legal fees | |
Directors fees | |
General and administrative expenses | 28,838 |
TOTAL OPERATING EXPENSES | 341,569 |
LOSS FROM OPERATIONS | (341,569) |
Other Income (Expense) | |
Interest expense | (1,464) |
Total other expense | (1,464) |
Net loss before provision for income taxes | (343,033) |
Income taxes | |
Net loss | (343,033) |
Other comprehensive loss | |
Foreign currency translation adjustment | (14,022) |
Total comprehensive loss | $ (357,055) |
Basic and dilutive loss per common share | $ / shares | $ 0 |
Weighted average number of common shares outstanding | shares | 442,363,333 |
Proforma Adjustments [Member] | |
Revenue | $ 0 |
Operating Expenses | |
Research and development | |
Accounting and audit fees | |
Professional fees | |
Legal fees | |
Directors fees | |
General and administrative expenses | |
TOTAL OPERATING EXPENSES | |
LOSS FROM OPERATIONS | |
Other Income (Expense) | |
Interest expense | |
Total other expense | |
Net loss before provision for income taxes | |
Income taxes | |
Net loss | |
Other comprehensive loss | |
Foreign currency translation adjustment | |
Total comprehensive loss | |
Proforma As Adjusted [Member] | |
Revenue | 0 |
Operating Expenses | |
Research and development | 220,512 |
Accounting and audit fees | 23,500 |
Professional fees | 465,219 |
Legal fees | 5,000 |
Directors fees | 90,000 |
General and administrative expenses | 33,848 |
TOTAL OPERATING EXPENSES | 838,079 |
LOSS FROM OPERATIONS | (838,079) |
Other Income (Expense) | |
Interest expense | (1,464) |
Total other expense | (1,464) |
Net loss before provision for income taxes | (839,543) |
Income taxes | |
Net loss | (839,543) |
Other comprehensive loss | |
Foreign currency translation adjustment | (14,022) |
Total comprehensive loss | $ (853,565) |
NOTE 7 - SUBSEQUENT EVENTS (Det
NOTE 7 - SUBSEQUENT EVENTS (Details Narrative) - shares | 1 Months Ended | ||
May 28, 2021 | May 24, 2021 | Jan. 29, 2021 | |
Stock Issued During Period, Shares, Acquisitions | 600,000,000 | 600,000,000 | |
Consulting Services | |||
Stock Issued During Period, Shares, Acquisitions | 600,000,000 |
NOTE 3. PRELIMINARY PURCHASE _2
NOTE 3. PRELIMINARY PURCHASE PRICE ALLOCATION (Details Narrative) - shares | 1 Months Ended | |
May 28, 2021 | May 24, 2021 | |
Business Combination and Asset Acquisition [Abstract] | ||
Stock Issued During Period, Shares, Acquisitions | 600,000,000 | 600,000,000 |
Uncategorized Items - abti_s1.h
Label | Element | Value |
Transitional Period [Member] | ||
Common stock issued for acquisition | ABTI_StockToBeIssuedDuringPeriodValueAcquisitions | |
A B T I Pharma [Member] | ||
[custom:DebtInstrumentSharesDecreaseForgiveness] | ABTI_DebtInstrumentSharesDecreaseForgiveness | |
Debt Instrument, Decrease, Forgiveness | us-gaap_DebtInstrumentDecreaseForgiveness | $ 1,544 |
OCI, Foreign Currency Transaction and Translation Gain (Loss), Arising During Period, Tax | us-gaap_OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax | $ (14,022) |
Stock Issued During Period, Shares, New Issues | us-gaap_StockIssuedDuringPeriodSharesNewIssues | 98 |
[custom:OtherComprehensiveIncomeForeignCurrencyTranslationSharesGainLossArisingDuringPeriodTax] | ABTI_OtherComprehensiveIncomeForeignCurrencyTranslationSharesGainLossArisingDuringPeriodTax | |
Issuance of ordinary shares | us-gaap_StockIssuedDuringPeriodValueNewIssues | $ 133 |