Cover
Cover - shares | 6 Months Ended | |
Sep. 30, 2022 | Nov. 08, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
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 | 151 | |
Local Phone Number | 601 9477 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 807,047,948 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 |
Current assets | ||
Cash in bank | $ 15,130 | $ 63,816 |
Funds in attorney account | 12,409 | |
VAT Receivable | 35,804 | 50,686 |
Prepaid stock subscription | 136,721 | |
Deferred Tax Asset | 131,917 | |
Inventories | 893 | 1,050 |
Total current assets | 183,744 | 264,681 |
Intangible Assets | 12,000,000 | 12,000,000 |
Total assets | 12,183,744 | 12,264,681 |
Current liabilities | ||
Accounts payable | 567,043 | 542,510 |
Accrued liabilities | 362,086 | 396,486 |
Loan payable | 75,000 | |
Loans payable, related party | 296,730 | 98,470 |
Total current liabilities | 1,300,859 | 1,037,465 |
Convertible note payable | 137,627 | 164,220 |
Total long-term liabilities | 137,627 | 164,220 |
Total liabilities | 1,438,486 | 1,201,685 |
Commitments and Contingencies | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued and outstanding as of September 30, 2022 and March 31, 2022, respectively | ||
Common stock, $0.001 par value ; 2,000,000,000 shares authorized; 807,047,948 and 802,633,333 outstanding as of September 30, 2022 and March 31, 2022, respectively | 807,048 | 802,633 |
Additional paid in capital | 18,927,919 | 17,942,833 |
Accumulated deficit | (9,021,731) | (7,833,790) |
Stock subscription | 136,721 | |
Foreign Currency translation adjustment | 32,021 | 14,599 |
Total stockholders' equity (deficit) | 10,745,258 | 11,062,996 |
Total liabilities and stockholders' equity | $ 12,183,744 | $ 12,264,681 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 |
Statement of Financial Position [Abstract] | |||
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 | 807,047,948 | 802,633,333 | 761,780,000 |
Common Stock, Shares, Outstanding | 807,047,948 | 802,633,333 | 761,780,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
REVENUES | ||||
OPERATING EXPENSES | ||||
Accounting and audit fees | 32,898 | 20,743 | 67,815 | 29,135 |
Professional fees | 111,614 | 114,010 | ||
Research and development | 22,614 | 124,034 | 41,086 | 260,325 |
Legal fees | 5,418 | 10,295 | 8,029 | 11,014 |
Directors expenses | 21,852 | 13,874 | 518,640 | 13,874 |
Consulting fees | 155,674 | 93,650 | 283,094 | 93,650 |
Salaries and wages | 96,448 | 193,876 | ||
General and administrative expenses | 24,163 | (518) | 56,821 | 4,640 |
TOTAL OPERATING EXPENSES | 470,682 | 262,078 | 1,283,371 | 412,638 |
LOSS FROM OPERATIONS | (470,682) | (262,078) | (1,283,371) | (412,638) |
OTHER INCOME (EXPENSE) | ||||
Interest expense | (38) | (38) | ||
TOTAL OTHER INCOME (EXPENSE) | (38) | (38) | ||
INCOME TAXES | 95,469 | 95,469 | ||
NET INCOME (LOSS) | $ (375,252) | $ (262,078) | $ (1,187,941) | $ (412,638) |
NET INCOME (LOSS) PER SHARE: BASIC AND DILUTED | $ 0 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 807,047,948 | 754,280,000 | 806,332,740 | 754,280,000 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Stock Subscription [Member] | Comprehensive Income [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Jan. 18, 2021 | $ 136 | $ 136 | ||||
Shares, Issued at Jan. 18, 2021 | 100 | |||||
Related party interest forgiven | 1,544 | 1,544 | ||||
Shares issued for subscription of cash | $ 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 for the period | (343,033) | (343,033) | ||||
Ending balance, value at Jun. 30, 2021 | $ 754,280 | (14,023) | (1,499,376) | (759,119) | ||
Shares, Issued at Jun. 30, 2021 | 754,280,000 | |||||
Shares issued for subscription of cash | 136,721 | 136,721 | ||||
Stock Issued During Period, Shares, Other | ||||||
Change in foreign currency | 28,622 | 28,622 | ||||
Net loss for the period | (6,334,414) | (6,334,414) | ||||
Shares issued for cash | $ 853 | 231,083 | 231,936 | |||
Stock Issued During Period, Shares, New Issues | 853,333 | |||||
Shares issued for C2 Wellness acquisition | $ 24,000 | 11,976,000 | 12,000,000 | |||
Stock Issued During Period, Shares, Acquisitions | 24,000,000 | |||||
Shares issued related to S-1 Registration | $ 7,500 | 2,391,750 | 2,399,250 | |||
[custom:StockIssuedDuringPeriodSharesS1Registration] | 7,500,000 | |||||
Shares issued for services | $ 16,000 | 3,344,000 | 3,360,000 | |||
Stock Issued During Period, Shares, Issued for Services | 16,000,000 | |||||
Ending balance, value at Mar. 31, 2022 | $ 802,633 | 17,942,833 | 136,721 | 14,599 | (7,833,790) | 11,062,996 |
Shares, Issued at Mar. 31, 2022 | 802,633,333 | |||||
Shares issued for subscription of cash | $ 280 | 136,721 | (136,721) | 280 | ||
Stock Issued During Period, Shares, Other | 280,000 | |||||
Change in foreign currency | 175,074 | 175,074 | ||||
Net loss for the period | (812,689) | (812,689) | ||||
Shares issued for cash | $ 385 | 49,615 | 50,000 | |||
Stock Issued During Period, Shares, New Issues | 384,615 | |||||
Shares issued for services | $ 1,500 | 319,500 | 321,000 | |||
Stock Issued During Period, Shares, Issued for Services | 1,500,000 | |||||
Shares issued to director | $ 2,250 | 479,250 | 481,500 | |||
Stock Issued During Period, Shares, Employee Benefit Plan | 2,250,000 | |||||
Ending balance, value at Jun. 30, 2022 | $ 807,048 | 18,927,919 | 189,673 | (8,646,479) | 11,278,161 | |
Shares, Issued at Jun. 30, 2022 | 807,047,948 | |||||
Beginning balance, value at Mar. 31, 2022 | $ 802,633 | 17,942,833 | 136,721 | 14,599 | (7,833,790) | 11,062,996 |
Shares, Issued at Mar. 31, 2022 | 802,633,333 | |||||
Shares issued for subscription of cash | 136,721 | |||||
Net loss for the period | (1,187,941) | |||||
Shares issued for services | 802,500 | |||||
Ending balance, value at Sep. 30, 2022 | $ 807,048 | 18,927,919 | 32,021 | (9,021,731) | 10,745,258 | |
Shares, Issued at Sep. 30, 2022 | 807,047,948 | |||||
Beginning balance, value at Jun. 30, 2022 | $ 807,048 | 18,927,919 | 189,673 | (8,646,479) | 11,278,161 | |
Shares, Issued at Jun. 30, 2022 | 807,047,948 | |||||
Change in foreign currency | (157,651) | (157,651) | ||||
Net loss for the period | (375,252) | (375,252) | ||||
Ending balance, value at Sep. 30, 2022 | $ 807,048 | $ 18,927,919 | $ 32,021 | $ (9,021,731) | $ 10,745,258 | |
Shares, Issued at Sep. 30, 2022 | 807,047,948 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
Net income (loss) for the period | $ (375,252) | $ (812,689) | $ (262,078) | $ (1,187,941) | $ (412,638) | $ (6,334,414) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||
Shares issued for services | 802,500 | |||||
Deferred tax asset | (131,917) | |||||
Stock subscription delivered | 136,721 | |||||
Changes in assets and liabilities: | ||||||
Prepaid assets | (1,099) | |||||
Funds in attorney trust | 12,409 | |||||
VAT receivable | 14,882 | |||||
Accounts Payable | 24,533 | 342,501 | ||||
Accruals | (34,400) | 195,194 | ||||
Accruals – related party | (232,832) | |||||
Net Cash Used by Operating Activities | (363,213) | (108,874) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
Acquisition of intellectual property | (34,746) | |||||
Website development | ||||||
Net Cash Used by Investing Activities | (34,476) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
Net proceeds from related party | 246,667 | 11,608 | ||||
Proceeds from share issuance | 50,280 | 137,627 | ||||
Convertible note payable | 171,863 | |||||
Net Cash Provided by Financing Activities | 296,947 | 321,098 | ||||
Foreign Currency change | 17,579 | (2,240) | ||||
Net Increase (Decrease) in Cash and Cash Equivalents | (48,686) | 175,238 | ||||
Cash and cash equivalents, beginning of period | 63,816 | 63,816 | 519 | |||
Cash and cash equivalents, end of period | $ 15,130 | $ 175,757 | 15,130 | 175,757 | 63,816 | |
SUPPLEMENTAL CASH FLOW INFORMATION | ||||||
Interest paid | ||||||
Income taxes paid | ||||||
NON-CASH INVESTING AND FINANCING INFORMATION | ||||||
Stock issued for services | 321,000 | 802,500 | 3,360,000 | |||
Shares issued for stock subscription | $ 280 | $ 136,721 | $ 136,721 |
NOTE 1 _ NATURE OF BUSINESS
NOTE 1 – NATURE OF BUSINESS | 6 Months Ended |
Sep. 30, 2022 | |
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. 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 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. 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 Alterola Biotech Inc.. 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 less than $50,000 |
NOTE 2 _ SUMMARY OF SIGNIFICANT
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United State of America (GAAP accounting) and include the accounts of Alterola and its wholly owned subsidiaries ABTI Pharma, Phytotherapeutix Ltd, Ferven Ltd., and Nano4M Ltd. All material intercompany transactions and balances have been eliminated. The Company had a September 30 fiscal year end. Subsequent to the Agreement with ABTI Pharma, the Company has changed its year end from September 30 to March 31. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Equivalents For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. ALTEROLA BIOTECH, INC. NOTES TO THE UNAUDITED CONSOLIDATEDEDFINANCIAL STATEMENTS SEPTEMBER 30, 2022 NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Funds in attorney trust account The company has a fully operational US Dollar ($) and a Sterling (£) bank account in the United Kingdom with the HSBC Group.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, 2022 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, 2022, 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. The Company has issued 15 million warrants to EMC2 Capital LLC. 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, 2022 NOTE 3 – CAPITAL STOCK The Company has 2,000,000,000 $0.001 10,000,000 $0.001 On April 5, 2022, the company issued 384,615 $50,000 $0.13 On April 29, 2022, the Company issued 1,500,000 $0.214 $321,000 During September 2021, the Company received an investment for £100,000 Sterling (or $137,627 280,000 280,000 On May 4, 2022, the Company issued 2,250,000 $0.214 $481,500 On August 11, 2021, the Company issued 15,000,000 $0.64 5 year $0.001 the total potential impact on the financial statements of the exercise of the warrants was approximately $1 million dollars. The Company has 807,047,948 761,780,000 no |
NOTE 4 _ ACQUISITION
NOTE 4 – ACQUISITION | 6 Months Ended |
Sep. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
NOTE 4 – ACQUISITION | NOTE 4 – ACQUISITION On November 9, 2021, the Company entered into an agreement with C2 Wellness Corporation for acquisition of patents, molecules, and a research and development team. The transaction was closed by providing 24,000,000 $0.50 $12,000,000 $12,000,000 |
NOTE 5 _ NOTES PAYABLE
NOTE 5 – NOTES PAYABLE | 6 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
NOTE 5 – NOTES PAYABLE | NOTE 5 – NOTES PAYABLE On August 1, 2022, the company issued a note payable for 90 days $75,000 2,250,000 |
NOTE 6 _ RELATED PARTY TRANSACT
NOTE 6 – RELATED PARTY TRANSACTIONS | 6 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
NOTE 6 – RELATED PARTY TRANSACTIONS | NOTE 6 – RELATED PARTY TRANSACTIONS Currently, Alterola neither owns nor leases any real or personal property. We maintain our corporate offices at 47 Hamilton Square Birkenhead Merseyside CH41 5AR United Kingdom. One of the company directors has a beneficial ownership in the property, which is leased on “arm’s length” terms. |
NOTE 7 _ LIQUIDITY & GOING CONC
NOTE 7 – LIQUIDITY & GOING CONCERN | 6 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NOTE 7 – LIQUIDITY & GOING CONCERN | NOTE 7 – LIQUIDITY & GOING CONCERN Alterola has negative working capital of $1,117,115 9,021,731 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, 2022 | |
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, 2022 to the date these financial statements were issued. The Company has determined the following to be a subsequent event: On 07 October 2022, the Company announced t he closing of the Share Purchase Agreement with Bright Green, which occurred on October 4, 2022 On September 30, 2022, Mr. Seamus McAuley resigned as Chief Executive Officer with immediate effect. On 03 October 2022, the Board of Directors accepted the resignation of Mr. Seamus McAuley as Chief Executive Officer and also appointed Mr. David Hitchcock, OBE, as the Company’s new Chief Executive Officer. |
NOTE 2 _ SUMMARY OF SIGNIFICA_2
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Sep. 30, 2022 | |
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, Ferven Ltd., and Nano4M 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. |
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 UNAUDITED CONSOLIDATEDEDFINANCIAL STATEMENTS SEPTEMBER 30, 2022 NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
Funds in attorney trust account | Funds in attorney trust account The company has a fully operational US Dollar ($) and a Sterling (£) bank account in the United Kingdom with the HSBC Group.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, 2022 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, 2022, 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. The Company has issued 15 million warrants to EMC2 Capital LLC. |
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 1 _ NATURE OF BUSINESS (De
NOTE 1 – NATURE OF BUSINESS (Details Narrative) - USD ($) | 1 Months Ended | ||
Jan. 29, 2021 | May 03, 2010 | Jan. 19, 2021 | |
[custom:NetLiabilitiesOfAcquirerReverseAcquisition-0] | $ 50,000 | ||
Director | |||
Stock Issued During Period, Shares, Acquisitions | 55,000,000 | ||
Consulting Services | |||
Stock Issued During Period, Shares, Acquisitions | 600,000,000 |
NOTE 2 _ SUMMARY OF SIGNIFICA_3
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||
May 04, 2022 | May 02, 2022 | Apr. 05, 2022 | Aug. 11, 2021 | Apr. 29, 2022 | Jun. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Mar. 31, 2022 | |
Common Stock, Shares Authorized | 2,000,000,000 | 2,000,000,000 | |||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |||||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | |||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |||||||
Stock Issued During Period, Value, New Issues | $ 50,000 | $ 231,936 | |||||||
Stock Issued During Period, Value, Issued for Services | 321,000 | $ 802,500 | $ 3,360,000 | ||||||
Proceeds from Issuance of Common Stock | $ 802,500 | ||||||||
Stock Issued During Period, Value, Employee Benefit Plan | $ 481,500 | ||||||||
Common Stock, Shares, Issued | 807,047,948 | 761,780,000 | 802,633,333 | ||||||
Common Stock, Shares, Outstanding | 807,047,948 | 761,780,000 | 802,633,333 | ||||||
Preferred Stock, Shares Issued | 0 | 0 | |||||||
Preferred Stock, Shares Outstanding | 0 | 0 | |||||||
Investor Issuance [Member] | |||||||||
Stock Issued During Period, Shares, New Issues | 384,615 | ||||||||
Stock Issued During Period, Value, New Issues | $ 50,000 | ||||||||
Shares Issued, Price Per Share | $ 0.13 | ||||||||
Consultancy Agreement [Member] | |||||||||
Shares Issued, Price Per Share | $ 0.214 | ||||||||
Stock Issued During Period, Shares, Issued for Services | 1,500,000 | ||||||||
Stock Issued During Period, Value, Issued for Services | $ 321,000 | ||||||||
Proceeds from Issuance of Common Stock | $ 137,627 | ||||||||
Subscription [Member] | |||||||||
Common Stock, Shares Subscribed but Unissued | 280,000 | ||||||||
Stock Issued During Period, Shares, Other | 280,000 | ||||||||
Director Issuance [Member] | |||||||||
Shares Issued, Price Per Share | $ 0.214 | ||||||||
Stock Issued During Period, Shares, Employee Benefit Plan | 2,250,000 | ||||||||
Stock Issued During Period, Value, Employee Benefit Plan | $ 481,500 | ||||||||
Warrant Shares [Member] | |||||||||
Stock Issued During Period, Shares, Other | 15,000,000 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.64 | ||||||||
Warrants and Rights Outstanding, Term | 5 years | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price | $ 0.001 | ||||||||
Unusual Risk or Uncertainty, Impact | the total potential impact on the financial statements of the exercise of the warrants was approximately $1 million dollars. |
NOTE 4 _ ACQUISITION (Details N
NOTE 4 – ACQUISITION (Details Narrative) - USD ($) | Nov. 09, 2021 | Sep. 30, 2022 | Mar. 31, 2022 |
Intangible Assets, Current | $ 12,000,000 | $ 12,000,000 | $ 12,000,000 |
A P A Nov 9 [Member] | |||
Stock Issued During Period, Shares, Acquisitions | 24,000,000 | ||
Shares Issued, Price Per Share | $ 0.50 |
NOTE 5 _ NOTES PAYABLE (Details
NOTE 5 – NOTES PAYABLE (Details Narrative) - USD ($) | 3 Months Ended | ||
Sep. 30, 2022 | Aug. 01, 2022 | Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |||
Loans Held-for-sale, Term | 90 days | ||
Loans Payable, Current | $ 75,000 | $ 75,000 | |
[custom:SharesCommittedForLoanPayable] | 2,250,000 |
NOTE 7 _ LIQUIDITY & GOING CO_2
NOTE 7 – LIQUIDITY & GOING CONCERN (Details Narrative) | 162 Months Ended |
Sep. 30, 2022 USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Banking Regulation, Total Capital, Actual | $ 1,117,115 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 9,021,731 |