Cover
Cover - shares | 6 Months Ended | |
Sep. 30, 2021 | Nov. 12, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 333-156091 | |
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 | |
Entity Address, City or Town | Birkenhead Merseyside | |
Entity Address, Country | GB | |
Entity Address, Postal Zip Code | CH41 5AR | |
City Area Code | +44 151 601 9477 | |
Local Phone Number | 601 9477 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 754,280,000 |
UNAUDITED CONSOLIDATED BALANCE
UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2021 | Mar. 31, 2021 |
Current Assets | ||
Bank | $ 175,757 | $ 519 |
Funds in attorney trust account | 12,773 | |
Prepaid | 1,099 | |
Total Current Assets | 189,629 | 519 |
Intellectual property | 34,746 | |
TOTAL ASSETS | 224,375 | 519 |
Current Liabilities | ||
Accounts payable | 449,494 | 98,379 |
Accrued expenses | 214,950 | 20,244 |
Accrued expenses- related party | 330,000 | 562,665 |
Advances from related party | 89,958 | 78,350 |
Total Current Liabilities | 1,084,402 | 759,638 |
Convertible Note Payable | 171,863 | |
Total Liabilities | 1,256,265 | 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, 754,560,000 and 754,280,000 shares issued and outstanding, respectively | 754,560 | 754,280 |
Foreign currency translation adjustment | (11,783) | (14,023) |
Additional paid-in capital | 137,347 | |
Accumulated deficit | (1,912,014) | (1,499,376) |
Total Stockholders’ Equity (Deficit) | (1,031,890) | (759,119) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ 224,375 | $ 519 |
UNAUDITED CONSOLIDATED BALANC_2
UNAUDITED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 |
Statement of Financial Position [Abstract] | |||
Preferred stock, par value | $ 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 | |
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, Outstanding | 754,560,000 | 754,280,000 |
UNAUDITED CONSOLIDATED STATEMEN
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||
REVENUES | ||
OPERATING EXPENSES | ||
Accounting and audit fees | 20,743 | 29,135 |
Research and development | 124,034 | 260,325 |
Legal fees | 10,295 | 11,014 |
Directors fees and expenses | 13,874 | 13,874 |
Consulting fees | 93,650 | 93,650 |
General and administrative expenses | (518) | 4,640 |
TOTAL OPERATING EXPENSES | 262,078 | 412,638 |
LOSS FROM OPERATIONS | (262,078) | (412,638) |
OTHER INCOME (EXPENSE) | ||
Miscellaneous sale | ||
TOTAL OTHER INCOME (EXPENSE) | ||
PROVISION FOR INCOME TAXES | ||
NET LOSS | $ (262,078) | $ (412,638) |
NET LOSS PER SHARE: BASIC AND DILUTED | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 754,280,000 | 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 |
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) | |
Stock Issued During Period, Shares, Other | 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 | 2,240 | 2,240 | |||
Net loss | (412,638) | (412,638) | |||
Shares issued for cash | $ 280 | 137,347 | 137,627 | ||
Shares issued for cash, shares | 280,000 | ||||
Ending balance, value at Sep. 30, 2021 | $ 754,560 | $ 137,347 | $ (11,783) | $ (1,912,014) | $ (1,031,890) |
Shares, Issued, Ending Balance at Sep. 30, 2021 | 754,560,000 |
UNAUDITED CONSOLIDATED STATEM_3
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS | 6 Months Ended |
Sep. 30, 2021USD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES | |
Net loss for the period | $ (412,638) |
Changes in assets and liabilities: | |
Increase (decrease) in prepaid assets | (1,099) |
Increase (decrease) in accrued expenses -related party | (232,832) |
Increase (decrease) in accrued expenses | 195,194 |
Increase (decrease) in accounts payable | 342,501 |
Net Cash Used by Operating Activities | (108,874) |
CASH FLOWS FROM INVESTING ACTIVITIES | |
Investment in intellectual property | (34,746) |
Net Cash Used by Investing Activities | (34,746) |
CASH FLOWS FROM FINANCING ACTIVITIES | |
Proceeds from share issuance | 137,627 |
Convertible note payable | 171,863 |
Due from related parties | 11,608 |
Net Cash Provided by Financing Activities | 321,098 |
Effect of exchange rate adjustments on cash | (2,240) |
Net Increase (Decrease) in Cash and Cash Equivalents | 175,238 |
Cash and cash equivalents, beginning of period | 519 |
Cash and cash equivalents, end of period | 175,757 |
SUPPLEMENTAL CASH FLOW INFORMATION | |
Interest paid | |
Income taxes paid |
NOTE 1 _ NATURE OF BUSINESS
NOTE 1 – NATURE OF BUSINESS | 6 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 |
NOTE 2 _ SUMMARY OF SIGNIFICANT
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
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, and Ferven Ltd. All material intercompany transactions and balances have been eliminated. 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. ALTEROLA BIOTECH, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2021 NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 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 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 UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2021 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 September 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. 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 UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2021 |
NOTE 3 _ ACCRUED EXPENSES
NOTE 3 – ACCRUED EXPENSES | 6 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
NOTE 3 – ACCRUED EXPENSES | NOTE 3 – ACCRUED EXPENSES Accrued expenses consisted of the following at September 30, 2021 and March 31, 2021: September 30, 2021 March 31, 2021 Audit fees $ 17,687 $ — Accounting 5,600 5,600 Research and development 177,019 — Legal fees and transfer agent 14,644 15,644 Total Accrued Expenses $ 214,950 $ 20,244 |
NOTE 4 _ CONVERTIBLE DEBT
NOTE 4 – CONVERTIBLE DEBT | 6 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
NOTE 4 – CONVERTIBLE DEBT | NOTE 4 – CONVERTIBLE DEBT On September 21, 2021, the Company entered into a convertible note agreement with an outside party for $171,863 9 months 20% The loan balance is convertible upon any conversion event. The Conversion events identified are i) automatically in the event of a qualified financing, meaning an issue of shares against payment of an amount of at least approximately $171,000. In the event of a qualified financing larger than $25 million, the Lender will have the option to either convert or apply for repayment. ii) automatically in the event of a takeover, meaning an event resulting in a change of control of the Company or a transfer of all or substantially all of the Company’s assets iii) upon request of the majority of the lenders following the expiration of the 9 month term. Conversion of the debt is at a discount rate of 60% $1.37 |
NOTE 5 _ CAPITAL STOCK
NOTE 5 – CAPITAL STOCK | 6 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
NOTE 5 – CAPITAL STOCK | NOTE 5 – CAPITAL STOCK The Company has 2,000,000,000 $0.001 10,000,000 $0.001 The Company has 754,560,000 754,280,000 no During the three months ended September 30, 2021, the company issued 280,000 $137,627 |
NOTE 6 _ RELATED PARTY TRANSACT
NOTE 6 – RELATED PARTY TRANSACTIONS | 6 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
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 September 30, 2021, a shareholder made advances to the company to fund operating expenses in the amount of $89,958 During the period ended September 30, 2021, the Company accrued director’s fees payable of $330,000 |
NOTE 7 _ LIQUIDITY & GOING CONC
NOTE 7 – LIQUIDITY & GOING CONCERN | 6 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NOTE 7 – LIQUIDITY & GOING CONCERN | NOTE 7 – LIQUIDITY & GOING CONCERN Alterola has negative working capital of $894,733 $1,912,014 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 _ SUBSEQUENT EVENTS
NOTE 8 – SUBSEQUENT EVENTS | 6 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
NOTE 8 – SUBSEQUENT EVENTS | NOTE 8 – SUBSEQUENT EVENTS In accordance with ASC Topic 855-10, the Company analyzed its operations subsequent to September 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 2 _ SUMMARY OF SIGNIFICA_2
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
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, and Ferven Ltd. All material intercompany transactions and balances have been eliminated. 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. ALTEROLA BIOTECH, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2021 NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
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 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 UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2021 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 September 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. |
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. |
NOTE 3 _ ACCRUED EXPENSES (Tabl
NOTE 3 – ACCRUED EXPENSES (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
NOTE 3 - ACCRUED EXPENSES - Schedule of Accrued Expenses | September 30, 2021 March 31, 2021 Audit fees $ 17,687 $ — Accounting 5,600 5,600 Research and development 177,019 — Legal fees and transfer agent 14,644 15,644 Total Accrued Expenses $ 214,950 $ 20,244 |
NOTE 1 _ NATURE OF BUSINESS (De
NOTE 1 – NATURE OF BUSINESS (Details Narrative) - USD ($) | 1 Months Ended | ||||
Jan. 29, 2021 | May 03, 2010 | Sep. 30, 2021 | May 28, 2021 | Mar. 31, 2021 | |
Liabilities | $ 1,256,265 | $ 389,721 | $ 759,638 | ||
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 ($) | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 |
Interim Period, Costs Not Allocable [Line Items] | |||
Total Accrued Expenses | $ 214,950 | $ 20,244 | |
Audit Fees [Member] | |||
Interim Period, Costs Not Allocable [Line Items] | |||
Accrued Professional Fees, Current | $ 17,687 | ||
Accounting [Member] | |||
Interim Period, Costs Not Allocable [Line Items] | |||
Accrued Professional Fees, Current | 5,600 | 5,600 | |
Research And Development [Member] | |||
Interim Period, Costs Not Allocable [Line Items] | |||
Accrued Professional Fees, Current | 177,019 | ||
Legal And Transfer Agent [Member] | |||
Interim Period, Costs Not Allocable [Line Items] | |||
Accrued Professional Fees, Current | $ 14,644 | $ 15,644 |
NOTE 4 _ CONVERTIBLE DEBT (Deta
NOTE 4 – CONVERTIBLE DEBT (Details Narrative) - Convertible Note One | 1 Months Ended |
Sep. 21, 2021USD ($)$ / shares | |
Short-term Debt [Line Items] | |
Debt Instrument, Face Amount | $ | $ 171,863 |
Debt Instrument, Term | 9 months |
Debt Instrument, Interest Rate, Stated Percentage | 20.00% |
Debt Instrument, Convertible, Terms of Conversion Feature | The loan balance is convertible upon any conversion event. The Conversion events identified are i) automatically in the event of a qualified financing, meaning an issue of shares against payment of an amount of at least approximately $171,000. In the event of a qualified financing larger than $25 million, the Lender will have the option to either convert or apply for repayment. ii) automatically in the event of a takeover, meaning an event resulting in a change of control of the Company or a transfer of all or substantially all of the Company’s assets iii) upon request of the majority of the lenders following the expiration of the 9 month term. |
Debt Conversion, Converted Instrument, Rate | 60.00% |
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit | $ / shares | $ 1.37 |
NOTE 5 _ CAPITAL STOCK (Details
NOTE 5 – CAPITAL STOCK (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Common stock, shares authorized | 2,000,000,000 | 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 | 10,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares issued | 754,560,000 | 754,560,000 | 754,280,000 | |
Common stock, shares outstanding | 754,560,000 | 754,560,000 | 754,280,000 | |
Preferred stock, shares issued | 0 | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 | 0 | |
Stock Issued During Period, Value, New Issues | $ 137,627 | |||
Common Stock [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 280,000 | 280,000 | ||
Stock Issued During Period, Value, New Issues | $ 137,627 | $ 280 |
NOTE 6 _ RELATED PARTY TRANSA_2
NOTE 6 – RELATED PARTY TRANSACTIONS (Details Narrative) | 3 Months Ended |
Jun. 30, 2021USD ($) | |
Related Party Transactions [Abstract] | |
Shareholder advances | $ 89,958 |
Directors fees | $ 330,000 |
NOTE 7 _ LIQUIDITY & GOING CO_2
NOTE 7 – LIQUIDITY & GOING CONCERN (Details Narrative) | 147 Months Ended |
Jun. 30, 2021USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Negative working capital | $ 894,733 |
Loss since inception | $ 1,912,014 |