Document and Entity Information
Document and Entity Information | 6 Months Ended |
Sep. 30, 2020 | |
Cover [Abstract] | |
Entity Registrant Name | BlueOne Card, Inc. |
Entity Central Index Key | 0001496690 |
Document Type | 10-12G/A |
Amendment Flag | true |
Amendment Description | BlueOne Card, Inc. is filing this General Form for Registration of Securities on Form 10 (the "Registration Statement") to register its common stock, par value $0.001 per share, pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Unless otherwise mentioned or unless the context requires otherwise, when used in this Registration Statement, the terms "BlueOne Card," "Company," "we," "us," and "our" refer to BlueOne Card, Inc. Once this Registration Statement is deemed effective, we will be subject to the requirements of Section 13(a) under the Exchange Act, which will require us to file Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, and we will be required to comply with all other obligations of the Exchange Act applicable to issuers filing registration statements pursuant to Section 12(g) of the Exchange Act. |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Sep. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Current Assets | |||
Cash | $ 55,873 | ||
Prepaid deposits | 100,777 | 8,700 | |
Total Current Assets | 156,650 | 8,700 | |
Property and Equipment, net | 185,224 | 105,018 | |
Total Assets | 341,874 | 113,718 | 0 |
Current Liabilities | |||
Accrued liabilities | 22,500 | 19,181 | |
Related party payables | 57,062 | 56,277 | 270 |
Note payable, current portion | 11,973 | ||
Total Current Liabilities | 91,535 | 75,458 | |
Note Payable | 62,634 | ||
Total Liabilities | 154,169 | 75,458 | 270 |
Commitments and Contingencies | |||
Stockholders' Equity | |||
Preferred stock, $0.001 par value; 25,000,000 shares authorized, 292,000 shares, 300,000 shares and 0 shares issued and outstanding as of September 30, 2020 and March 31, 2020 and 2019, respectively | 292 | 300 | |
Common stock, $0.001 par value; 500,000,000 shares authorized, 8,419,700 shares, 19,100 shares and 16,600 shares issued and outstanding at September 30, 2020 and March 31, 2020 and 2019, respectively | 8,420 | 19 | 17 |
Additional paid in capital | 592,642 | 371,035 | 137,033 |
Accumulated deficit | (413,649) | (333,094) | (237,320) |
Total Stockholders' Equity | 187,705 | 38,260 | (270) |
Total Liabilities and Stockholders' Equity | $ 341,874 | $ 113,718 | $ 0 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Mar. 31, 2019 |
Statement of Financial Position [Abstract] | ||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 292,000 | 300,000 | 0 | |
Preferred stock, shares outstanding | 292,000 | 300,000 | 0 | |
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 |
Common stock, shares issued | 8,419,700 | 19,100 | 16,600 | |
Common stock, shares outstanding | 8,419,700 | 19,100 | 16,600 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||||
Net Revenues | ||||
Operating Expenses | ||||
Legal and filing fees | 10,330 | 7,034 | 11,068 | 270 |
Rent | 9,477 | 43,500 | ||
General and administrative | 58,866 | 2,000 | 40,965 | |
Total Operating Expenses | 78,673 | 9,034 | 95,533 | 270 |
Loss from Operations | (78,673) | (9,034) | (95,533) | (270) |
Other Income (Expense) | ||||
Interest expense | (1,882) | (241) | ||
Total Other Income (Expense) | (1,882) | (241) | ||
Loss before Income Taxes | (80,555) | (9,034) | (95,774) | (270) |
Provision for Income Tax | ||||
Net Loss | $ (80,555) | $ (9,034) | $ (95,774) | $ (270) |
Basic and Diluted Net Loss Per Share | $ (1.45) | $ (0.54) | $ (5.47) | $ (0.02) |
Weighted Average Number of Shares Outstanding - Basic and Diluted | 55,674 | 16,600 | 17,509 | 16,600 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Deficit) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total | |
Begining balance at Mar. 31, 2018 | $ 17 | [1] | $ 237,033 | $ (237,050) | ||
Begining balance, shares at Mar. 31, 2018 | 16,600 | [1] | ||||
Net loss | [1] | (270) | (270) | |||
Ending balance at Mar. 31, 2019 | $ 17 | [1] | 237,033 | (237,320) | (270) | |
Ending balance, shares at Mar. 31, 2019 | 16,600 | [1] | ||||
Series A Preferred Stock issued in settlement of debt | $ 300 | [1] | 7,267 | 7,567 | ||
Series A Preferred Stock issued in settlement of debt, shares | 300,000 | [1] | ||||
Debt forgiveness by related party | [1] | 1,737 | 1,737 | |||
Net loss | [1] | (9,034) | (9,034) | |||
Ending balance at Sep. 30, 2019 | $ 300 | $ 17 | [1] | 246,037 | (246,354) | |
Ending balance, shares at Sep. 30, 2019 | 300,000 | 16,600 | [1] | |||
Begining balance at Mar. 31, 2019 | $ 17 | [1] | 237,033 | (237,320) | (270) | |
Begining balance, shares at Mar. 31, 2019 | 16,600 | [1] | ||||
Sale of common stock | $ 2 | [1] | 124,998 | 125,000 | ||
Sale of common stock, shares | 2,500 | [1] | ||||
Series A Preferred Stock issued in settlement of debt | $ 300 | [1] | 7,267 | 7,567 | ||
Series A Preferred Stock issued in settlement of debt, shares | 300,000 | [1] | ||||
Debt forgiveness by related party | [1] | 1,737 | 1,737 | |||
Net loss | [1] | (95,774) | (95,774) | |||
Ending balance at Mar. 31, 2020 | $ 300 | $ 19 | [1] | 371,035 | (333,094) | 38,260 |
Ending balance, shares at Mar. 31, 2020 | 300,000 | 19,100 | [1] | |||
Sale of common stock | $ 401 | [1] | 229,599 | 230,000 | ||
Sale of common stock, shares | 400,600 | [1] | ||||
Conversion of convertible preferred stock into common stock | $ (8) | $ 8,000 | (7,992) | |||
Conversion of convertible preferred stock into common stock, shares | (8,000) | 8,000,000 | ||||
Net loss | [1] | (80,555) | (80,555) | |||
Ending balance at Sep. 30, 2020 | $ 292 | $ 8,420 | [1] | $ 592,642 | $ (413,649) | $ 187,705 |
Ending balance, shares at Sep. 30, 2020 | 292,000 | 8,419,700 | [1] | |||
[1] | Common stock adjusted to reflect 1:100 reverse stock splits effectuated on October 15, 2019 and June 30, 2020, respectively. |
Condensed Statements of Stock_2
Condensed Statements of Stockholders' Equity (Deficit) (Parenthetical) | Jun. 30, 2020 | Oct. 15, 2019 |
Reverse stock splits | As a result of the Reverse Split, each (100) shares on common stock issued and outstanding prior to the Reverse Split were converted into one (1) share of common stock. | As a result of the Reverse Split, each 100 shares of common stock issued and outstanding prior to the Reverse Split were converted into one (1) common stock. |
Common Stock [Member] | ||
Reverse stock splits | Common stock adjusted to reflect 1:100 reverse stock splits | Common stock adjusted to reflect 1:100 reverse stock splits |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net Loss | $ (80,555) | $ (9,034) | $ (95,774) | $ (270) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation | 17,785 | 7,501 | ||
Changes in operating assets and liabilities: | ||||
(Increase) Decrease in prepaid deposits | (92,077) | (8,700) | ||
Increase in accrued liabilities | 3,318 | 19,181 | ||
Increase in related party payables | 785 | 9,034 | 65,311 | 270 |
Net Cash Used in Operating Activities | (150,744) | (12,481) | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Cash paid for purchase of property and equipment | (19,500) | (112,519) | ||
Net Cash Used in Investing Activities | (19,500) | (112,519) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Cash proceeds from sale of common stock | 230,000 | 125,000 | ||
Cash paid for note payable | (3,883) | |||
Net Cash Provided by Financing Activities | 226,117 | 125,000 | ||
Net Increase (Decrease) in Cash | 55,873 | |||
Cash - Beginning of the Period | ||||
Cash - End of the Period | 55,873 | |||
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS | ||||
Cash paid for interest | 1,882 | 241 | ||
cash paid for income taxes | ||||
SUPPLEMENTAL DISCLOSURES ON NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||
Purchase of vehicle by execution of a promissory note | 78,491 | |||
Conversion of preferred stock into common stock | 8,000 | |||
Issuance of Series A Preferred Stock in debt settlement | 7,567 | 7,567 | ||
Forgiveness of debt | $ 1,737 | $ 1,737 |
Nature of Operations, Basis of
Nature of Operations, Basis of Presentation and Going Concern | 6 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Nature of Operations, Basis of Presentation and Going Concern | NOTE 1 – NATURE OF OPERATIONS, BASIS OF PRESENTATION AND GOING CONCERN General The unaudited condensed financial statements of BlueOne Card, Inc. (“BlueOne” or the “Company”) as of September 30, 2020 and for the six months ended September 30, 2020 and 2019 should be read in conjunction with the financial statements for the year ended March 31, 2020 and 2019, respectively. BlueOne (formerly known as Avenue South Ltd., TBSS International, Inc., or Manneking Inc.), was incorporated on July 6, 2007 under the laws of the state of Nevada. The Company started its business as a retailer and importer of domestic home furnishings from Hong Kong. On September 30, 2011, the Company changed its name to TBSS International, Inc., which was engaged in gold mining and drilling and general construction. On April 26, 2019, Corporate Compliance, LLC filed a re-application for custodianship pursuant to NRS 78.347. The Eighth Judicial District Court of Clark County, Nevada granted custodianship over TBSS International, Inc. to Corporate Compliance, LLC. On October 15, 2019, the Company changed its name to Manneking Inc., and then to BlueCard One, Inc. on June 30, 2020. On October 15, 2019 and on June 30, 2020, the Company effectuated a 1-for-100 reverse stock splits (the “Reverse Splits”) of its issued and outstanding common stock. As a result of the Reverse Splits, each one hundred shares of issued and outstanding prior to the Reverse Splits were converted into one share of common stock (See Note 8). All share and per share numbers in the unaudited condensed financial statements and notes below have been revised retroactively to reflect the Reverse Splits. Risk and Uncertainty Concerning COVID-19 Pandemic In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic which continues to spread throughout the United States and the World. We are currently monitoring the outbreak of COVID-19 and the related business and travel restrictions and changes to behavior intended to reduce its spread. If the coronavirus continues to progress, it could have a material negative impact on our results of operations and cash flow, in addition to the impact on its employees. We have concluded that while it is reasonably possible that the virus could have a negative impact on the results of operations, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Basis of Presentation The interim condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company. The preparation of interim condensed financial statements requires management to make assumptions and estimates that impact the amounts reported. The interim condensed financial statements and accompanying notes are the representations of the Company’s management, who is responsible for their integrity and objectivity. These interim condensed financial statements, reflect all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the Company’s results of operations, financial position and cash flows for the interim periods ended September 30, 2020 and 2019; however, certain information and footnote disclosures normally included in our audited annual financial statements, as included in the Company’s interim condensed financial statements, have been condensed or omitted pursuant to such SEC rules and regulations and accounting principles applicable for interim periods. It is important to note that the Company’s results of operations and cash flows for interim periods are not necessarily indicative of the results of operations and cash flows to be expected for a full fiscal year or any other interim period. Going Concern The Company demonstrates adverse conditions that raise substantial doubt about the Company’s ability to continue as a going concern. The Company has not yet generated any revenue and has suffered operating losses since July 6, 2007 (Inception Date) to date and allow it to continue as a going concern. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary financing to continue operations, and the attainment of profitable operations. The Company incurred a net loss of $80,555 for the six months ended September 30, 2020, used net cash flows in operating activities of $150,744, and has an accumulated deficit of $413,649 as of September 30, 2020. These factors, among others, raise a substantial doubt regarding the Company’s ability to continue as a going concern. If the Company is unable to obtain adequate capital, it could be forced to cease operations. The interim condensed financial statements do not include any adjustments to reflect the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. | NOTE 1 – NATURE OF OPERATIONS, BASIS OF PRESENTATION AND GOING CONCERN BlueOne Card, Inc. (formerly known as Avenue South Ltd., TBSS International, Inc., Manneking Inc. or the “Company”), was incorporated on July 6, 2007 under the laws of the state of Nevada. The Company started its business as a retailer and importer of domestic home furnishings from Hong Kong. On September 30, 2011, the Company changed its name to TBSS International, Inc., which was engaged in gold mining and drilling and general construction. On April 26, 2019, Corporate Compliance, LLC filed a re-application for custodianship pursuant to NRS 78.347. The Eighth Judicial District Court of Clark County, Nevada granted custodianship over TBSS International, Inc. to Corporate Compliance, LLC. On October 15, 2019, the Company changed its name to Manneking Inc., and then to BlueCard One, Inc. on June 30, 2020. Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company. The financial statements and accompanying notes are the representations of the Company’s management, who is responsible for their integrity and objectivity. In the opinion of the Company’s management, the financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. Risk and Uncertainty Concerning COVID-19 Pandemic In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic which continues to spread throughout the United States and the World. We are currently monitoring the outbreak of COVID-19 and the related business and travel restrictions and changes to behavior intended to reduce its spread. If the coronavirus continues to progress, it could have a material negative impact on our results of operations and cash flow, in addition to the impact on its employees. We have concluded that while it is reasonably possible that the virus could have a negative impact on the results of operations, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. 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 amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the valuation of its assets, accounts payable, accrued liabilities and payable to related party. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Going Concern The Company demonstrates adverse conditions that raise substantial doubt about the Company’s ability to continue as a going concern. The Company has not yet generated any revenue and has suffered operating losses since July 6, 2007 (Inception Date) to date and allow it to continue as a going concern. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary financing to continue operations, and the attainment of profitable operations. The Company incurred a net loss of $95,774 for the year ended March 31, 2020, used net cash flows in operating activities of $12,481, and has an accumulated deficit of $333,094 as of March 31, 2020. These factors, among others, raise a substantial doubt regarding the Company’s ability to continue as a going concern. If the Company is unable to obtain adequate capital, it could be forced to cease operations. The accompanying financial statements do not include any adjustments to reflect the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Mar. 31, 2020 | |
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of condensed 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 amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the valuation of its assets, accounts payable, accrued liabilities and payable to related party. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. The Company did not have any cash equivalents as of September 30, 2020 and March 31, 2020, respectively. Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation. The Company provides for depreciation on a straight-line basis over the estimated useful lives of the assets which range from five to seven years. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the related assets when they are placed into service. The Company evaluates property and equipment for impairment periodically to determine if changes in circumstances or the occurrence of events suggest the carrying value of the asset or asset group may not be recoverable. Maintenance and repairs are charged to operations as incurred. Expenditures which substantially increase the useful lives of the related assets are capitalized. Long-lived Assets In accordance with Accounting Standards Codification (“ASC”) ASC 360, “ Property, Plant, and Equipment Earnings (Loss) Per Common Share The Company computes earnings (loss) per share in accordance with ASC 260, “ Earnings per Share” Leases The Company has operating leases for its offices. Management determines if an arrangement is a lease at inception of the contract and whether a contract is or contains a lease by determining whether it conveys the right to control the use of the identified asset for a period of time. If the contract provides the Company the right to substantially all of the economic benefits from the use of the identified asset and the right to direct the use of the identified asset, the Company consider it to be, or contain, a lease. The Company records a right-of-use asset and a corresponding lease liability based on the present value of the minimum lease payments. The lease term used in the calculation of right-of-use assets and lease liabilities include renewal and termination options that are reasonably certain to be exercised. Leases with an initial term of twelve months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the lease term. Our leases do not provide an implicit borrowing rate, and we estimate the Company’s incremental borrowing rate to discount the lease payments based on information available at lease commencement. Fair value of Financial Instruments and Fair Value Measurements ASC 820, “ Fair Value Measurements and Disclosures”, Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company’s financial instruments consist principally of prepaid deposits and accrued liabilities. The Company believes that the recorded values of all the financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. Stock-based Compensation The Company accounts for equity-based transactions with non-employees under the provisions of ASC Topic No. 505-50, “ Equity-Based Payments to Non-Employees” The Company accounts for employee stock-based compensation in accordance with the guidance of ASC Topic 718, “ Compensation—Stock Compensation”. Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “ Income Taxes” The Company follows the provisions of ASC 740-10, “ Accounting for Uncertain Income Tax Positions Recent Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-13, “ Changes to the Disclosure Requirements for Fair Value Measurement Fair Value Measurement In December 2019, the FASB issued Accounting Standards Update (“ASU”) ASU 2019-12, “ Simplifying the Accounting for Income Taxes | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following summary of significant accounting policies of the Company is presented to assist in the understanding of the Company’s financial statements. These accounting policies conform to GAAP in all material respects and have been consistently applied in preparing the accompanying financial statements. Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. The Company did not have any cash equivalents as of March 31, 2020 and 2019, respectively. Earnings (Loss) Per Common Share The Company computes earnings (loss) per share in accordance with Accounting Standards Codification (“ASC”) ASC 260, “ Earnings per Share” Leases The Company has operating leases for its offices. Management determines if an arrangement is a lease at inception of the contract and whether a contract is or contains a lease by determining whether it conveys the right to control the use of the identified asset for a period of time. If the contract provides the Company the right to substantially all of the economic benefits from the use of the identified asset and the right to direct the use of the identified asset, the Company consider it to be, or contain, a lease. The Company records a right-of-use asset and a corresponding lease liability based on the present value of the minimum lease payments. The lease term used in the calculation of right-of-use assets and lease liabilities include renewal and termination options that are reasonably certain to be exercised. Leases with an initial term of twelve months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the lease term. Our leases do not provide an implicit borrowing rate, and we estimate the Company’s incremental borrowing rate to discount the lease payments based on information available at lease commencement. Fair value of Financial Instruments and Fair Value Measurements ASC 820, “ Fair Value Measurements and Disclosures”, Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company’s financial instruments consist principally of prepaid deposits and accrued liabilities. The Company believes that the recorded values of all the financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. Stock-based Compensation The Company accounts for equity-based transactions with non-employees under the provisions of ASC Topic No. 505-50, Equity-Based Payments to Non-Employees The Company accounts for employee stock-based compensation in accordance with the guidance of ASC Topic 718, Compensation—Stock Compensation. Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “ Income Taxes” The Company follows the provisions of ASC 740-10, “ Accounting for Uncertain Income Tax Positions Recent Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-13, “ Changes to the Disclosure Requirements for Fair Value Measurement Fair Value Measurement In December 2019, the (“FASB”) issued ASU Update 2019-12, “ Simplifying the Accounting for Income Taxes |
Prepaid Deposits
Prepaid Deposits | 6 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Mar. 31, 2020 | |
Notes to Financial Statements | ||
Prepaid Deposits | NOTE 3 – PREPAID DEPOSITS Prepaid deposits consisted of advance deposit paid for the purchase of debit cards and advance rents for the Company’s office facilities, were $100,777 and $8,700 at September 30, 2020 and March 31, 2020, respectively (See Note 6). | NOTE 3 – PREPAID DEPOSITS Prepaid deposits of $8,700 and $0 at March 31, 2020 and 2019, respectively, consisted of security deposit of one month rent for its office facilities, see NOTE 6. |
Property and Equipment
Property and Equipment | 6 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Property and Equipment | NOTE 4 – PROPERTY AND EQUIPMENT Property and equipment, stated at cost, consisted of the following: Estimated Life March 31, 2020 March 31, 2020 Furniture and Fixtures 5 years $ 112,519 $ 112,519 Vehicles 5 years 97,991 - Less: Accumulated depreciation (25,286 ) (7,501 ) Total $ 185,224 $ 105,018 Depreciation expense amounted to $17,785 and $0 for the six months ended September 30, 2020 and 2019, respectively. | NOTE 4 – PROPERTY AND EQUIPMENT Property and equipment, stated at cost, consisted of the following: Estimated Life March 31, 2020 March 31, 2019 Furniture and Fixtures 5 years $ 112,519 $ - Less: Accumulated depreciation (7,501 ) - Total $ 105,018 $ - Depreciation expense amounted to $7,501 and $0 for the years ended March 31, 2020 and 2019, respectively. |
Loan Payable
Loan Payable | 6 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Loan Payable | NOTE 5 – LOAN PAYABLE On June 16, 2020, the Company entered into a financing arrangement to purchase a vehicle, and obtained a loan of $78,491, payable over a term of 72 months, interest bearing at 3.99%, with a monthly payment of principal and interest of $1,228. September 30, 2020 March 31, 2020 (Unaudited) Loan payable $ 74,608 $ - Less: Current portion (11,973 ) - Loan Payable - Non-current portion $ 62,634 $ - The amount of loan payments due in the next five years ended March 31, are as follows: 2021 (Remainder) $ 5,938 2022 12,212 2023 12,699 2024 13,231 2025 13,762 Thereafter 16,766 Total $ 74,608 The Company recorded interest expense of $1,027 and $0 on the loan for the six months ended September 30, 2020 and 2019, respectively. |
Related Party Transactions
Related Party Transactions | 6 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Mar. 31, 2020 | |
Related Party Transactions [Abstract] | ||
Related Party Transactions | NOTE 6 – RELATED PARTY TRANSACTIONS The Company’s former Chief Executive Officer (“Former Officer”) loaned the Company $7,567 as of July 31, 2019 for it to pay the costs and expenses necessary to revive the Company’s business operations and to reinstate the Company’s charter with the State of Nevada, settling all past due accounts with the Company’s transfer agent and legal fees. On July 31, 2019, the Company issued 300,000 shares of Series A preferred stock to an entity affiliated with the Former Officer (“Affiliate”) in consideration for the loans totaling $7,567 (NOTE 8). The Former Officer loaned additional funds to the Company totaling $1,737 which were forgiven by the Former Officer as of September 30, 2019. On October 7, 2019, the Affiliate entered into a private transaction with the Company’s Chief Executive Officer (“CEO”) to sell 300,000 shares of Series A preferred stock. The Company’s CEO, from time to time, provided advances to the Company for its working capital needs. The Company has recorded a payable to the CEO of $57,062 and $56,277 at September 30, 2020 and at March 31, 2020, respectively. The funds advanced are unsecured, non-interest bearing, and due on demand. | NOTE 5 – RELATED PARTY TRANSACTIONS The Company’s former Chief Executive Officer (“Former Officer”) loaned the Company $7,567 as of July 31, 2019 for it to pay the costs and expenses necessary to revive the Company’s business operations and to reinstate the Company’s charter with the State of Nevada, settling all past due accounts with the Company’s transfer agent and legal fees. On July 31, 2019, the Company issued 300,000 shares of Series A preferred stock to an entity affiliated with the Former Officer (“Affiliate”) in consideration for the loans totaling $7,567 (NOTE 7). The Former Officer loaned additional funds to the Company totaling $1,737 which were forgiven by the Former Officer as of September 30, 2019. On October 7, 2019, the Affiliate entered into a private transaction with the Company’s Chief Executive Officer (“CEO”) to sell 300,000 shares of Series A preferred stock. The Company’s CEO, from time to time, provided advances to the Company for its working capital purposes. At March 31, 2020 and 2019, the Company had a payable to the CEO of $56,277 and $270 at March 31, 2020 and 2019, respectively. The funds advanced are unsecured, non-interest bearing, and due on demand. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | NOTE 7 – COMMITMENTS AND CONTINGENCIES Office Lease On October 30, 2019, the Company executed a non-cancellable operating lease for its principal office for a monthly rent of $8,700, with the lease, commencing November 1, 2019 for a period of 6 months and maturing on April 30, 2020. The Company paid a security deposit of $8,700 at the inception of the lease. The Company terminated the operating lease on April 30, 2020. The Company has recorded rent expense of $8,700 and $0 for this operating lease for its principal office for the six months ended September 30, 2020 and 2019, respectively. On August 27, 2020, the Company formally executed a month-to-month cancellable operating lease for leasing office space in an executive suite, commencing on September 1, 2020 for $259 per month. The Company paid a security deposit of $259 on September 7, 2020. The Company paid the same rent for the months of July 2020 and August 2020 pursuant to a verbal agreement. The Company has recorded rent expense of $777 and $0 for the six months ended September 30, 2020 and 2019, respectively. Legal Costs and Contingencies In the normal course of business, the Company incurs costs to hire and retain external legal counsel to advise it on regulatory, litigation and other matters. The Company expenses these costs as the related services are received. If a loss is considered probable and the amount can be reasonable estimated, the Company recognizes an expense for the estimated loss. If the Company has the potential to recover a portion of the estimated loss from a third party, the Company makes a separate assessment of recoverability and reduces the estimated loss if recovery is also deemed probable. The Company was not aware of any loss contingencies as of September 30, 2020 and 2019, respectively. | NOTE 6 – COMMITMENTS AND CONTINGENCIES Office Lease On October 30, 2019, the Company executed a non-cancellable operating lease for its principal office with the lease commencing November 1, 2019 for a period of 6 months maturing on April 30, 2020. The Company paid a security deposit of $8,700 at the inception of the lease. The monthly rent of the lease was $8,700. The Company has recorded rent expense of $43,500 and $0 for this non-cancellable lease for its principal office for the year ended March 31, 2020 and 2019, respectively. As of March 31, 2020, total future minimum annual lease payments under the operating lease was as follows: For the year ending March 31, Amount 2021 $ 8,700 Total $ 8,700 Legal Costs and Contingencies In the normal course of business, the Company incurs costs to hire and retain external legal counsel to advise it on regulatory, litigation and other matters. The Company expenses these costs as the related services are received. If a loss is considered probable and the amount can be reasonable estimated, the Company recognizes an expense for the estimated loss. If the Company has the potential to recover a portion of the estimated loss from a third party, the Company makes a separate assessment of recoverability and reduces the estimated loss if recovery is also deemed probable. The Company was not aware of any loss contingencies as of March 31, 2020 and 2019, respectively. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Mar. 31, 2020 | |
Equity [Abstract] | ||
Stockholders' Equity | NOTE 8 – STOCKHOLDERS’ EQUITY The Company’s capitalization at September 30, 2020 and 2019 was 500,000,000 authorized common shares with a par value of $0.001 per share, and 25,000,000 authorized preferred shares with a par value of $0.001 per share. On October 15, 2019 and June 30, 2020, the Company effectuated reverse stock splits (the “Reverse Splits”) of its issued and outstanding common stock. As a result of the Reverse Splits, each 100 shares of common stock issued and outstanding prior to the Reverse Splits were converted into one (1) common stock. All share and per share numbers in these financial statements have been revised retroactively to take into account this Reverse Split. Common Stock On April 25, 2020, an investor executed a stock subscription agreement to purchase 600 shares of common stock of the Company at $50 per share. The investor paid $30,000 to the Company on April 25, 2020. The Company has issued 600 shares of common stock to the investor on April 28, 2020. On September 1, 2020, an investor executed a stock subscription agreement to purchase 400,000 shares of common stock of the Company at $0.50 per share. The investor paid $200,000 to the Company on September 1, 2020. The Company has issued 100,000 shares of common stock to the investor on September 9, 2020, and the remaining 300,000 shares of common stock on September 15, 2020. On September 30, 2020, the Chief Executive Officer of the Company converted 8,000 shares of issued and outstanding Series A Convertible Preferred Stock of the Company into 8,000,000 shares of common stock pursuant to the conversion terms of its Certificate of Designation filed with the Secretary of State of Nevada. As a result of all common stock issuances, the total issued and outstanding shares of common stock were 8,419,700 and 19,100 shares as of September 30, 2020 and March 31, 2020, respectively. Preferred Stock Designation There are 1,000,000 shares of Series A Convertible Preferred Stock designated and 292,000 shares issued and outstanding as of the date hereof. Liquidation Rights In the event of any liquidation, dissolution or winding up of the Corporation, either voluntary or involuntary, after setting apart or paying in full the preferential amounts due to Holders of senior capital stock, if any, the Holders of Series A Convertible Preferred Stock and parity capital stock, if any, shall be entitled to receive, prior and in preference to any distribution of any of the assets or surplus funds of the Corporation to the Holders of junior capital stock, including Common Stock, an amount equal to $0.001 per share [th Liquidatio Preference"] I upo liquidation dissolutio o windin u o the Conversion Rights Each share of Series A Convertible Preferred Stock shall be convertible, at the option of the Holder, into 1,000 (one thousand) fully paid and non-assessable shares of the Corporation's Common Stock. Voting Rights The Holders of shares of Series A Convertible Preferred Stock shall be entitled to vote on any and all matters considered and voted upon by the Corporation's Common Stock. The Holders of the Series A Convertible Preferred Stock shall be entitled to 1,000 (one thousand) votes per share of Common Stock. Stock Splits, Dividends and Distributions If the Corporation, at any time while any Series A Convertible Preferred Stock is outstanding, (a) shall pay a stock dividend or otherwise make a distribution or distributions on shares of its Common Stock payable in shares of its capital stock [whether payable in shares of its Common Stock or of capital stock of any class], (b) subdivide outstanding shares of Common Stock into a larger number of shares, (c) combine outstanding shares of Common Stock into a smaller number of shares. or (d) issue reclassification of shares of Common Stock for any shares of capital stock of the Corporation, the conversion ratio, as defined, shall be adjusted by multiplying the number of shares of Common Stock issuable by a fraction of which the numerator shall be the number of shares of Common Stock of the Corporation outstanding after such event and of which the denominator shall be the number of shares of Common Stock outstanding before such event. Any adjustment made pursuant to this paragraph (e)(iii) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or reclassification. On September 30, 2020, the Company cancelled 8,000 shares of Series A Convertible Preferred Stock pursuant to the conversion terms of its Certificate of Designation filed with the Secretary of State of Nevada. The cancelled Series A Convertible Preferred Stock was converted into 8,000,000 shares of common stock per the conversion terms. As a result of all preferred stock issuances, the total issued and outstanding shares of preferred stock were 292,000 and 300,000 shares as of September 30, 2020 and March 31, 2020, respectively. | NOTE 7 – STOCKHOLDERS’ EQUITY The Company’s capitalization at March 31, 2020 and 2019 was 500,000,000 authorized common shares with a par value of $0.001 per share, and 25,000,000 authorized preferred shares with a par value of $0.001 per share. On October 15, 2019, the Company effectuated a reverse stock split (the “Reverse Split”) of its issued and outstanding common stock. As a result of the Reverse Split, each 100 shares of common stock issued and outstanding prior to the Reverse Split were converted into one (1) common stock. All share and per share numbers in these financial statements have been revised retroactively to take into account this Reverse Split. On June 30, 2020, the Company effectuated another Reverse Split of its issued and outstanding common stock. As a result of the Reverse Split, each (100) shares on common stock issued and outstanding prior to the Reverse Split were converted into one (1) share of common stock. All share and per share numbers in these financial statements have been revised retroactively to take into account this Reverse Split. Common Stock On November 18, 2019, an investor executed a stock subscription agreement to purchase 200,000 shares of the Company’s common stock at $0.50 per share. The Company received cash consideration of $100,000 from the investor on November 18, 2019. On December 19, 2019, the Company issued to the investor 200,000 shares of its common stock for stock subscriptions. On November 20, 2019, an investor executed a stock subscription agreement to purchase 50,000 shares of the Company’s common stock at $0.50 per share. The Company received cash consideration of $25,000 from the investor on November 20, 2019. On December 19, 2019, the Company issued to the investor 50,000 shares of its common stock for stock subscriptions. As a result of all common stock issuances, the total issued and outstanding shares of common stock were 1,910,038 and 1,660,006 shares as of March 31, 2020 and 2019, respectively. Preferred Stock Designation There are 1,000,000 shares of Series A Convertible Preferred Stock designated and 292,000 shares issued and outstanding as of the date hereof. Liquidation Rights In the event of any liquidation, dissolution or winding up of the Corporation, either voluntary or involuntary, after setting apart or paying in full the preferential amounts due to Holders of senior capital stock, if any, the Holders of Series A Preferred Stock and parity capital stock, if any, shall be entitled to receive, prior and in preference to any distribution of any of the assets or surplus funds of the Corporation to the Holders of junior capital stock, including Common Stock, an amount equal to $0.001 per share [th Liquidatio Preference"] I upo liquidation dissolutio o windin u o the Conversion Rights Each share of Series A Convertible Preferred Stock shall be convertible, at the option of the Holder, into 1,000 (one thousand) fully paid and non-assessable shares of the Corporation's Common Stock. Voting Rights The Holders of shares of Series A Convertible Preferred Stock shall be entitled to vote on any and all matters considered and voted upon by the Corporation's Common Stock. The Holders of the Series A Convertible Preferred Stock shall be entitled to 1,000 (one thousand) votes per share of Common Stock. Stock Splits, Dividends and Distributions If the Corporation, at any time while any Series A Convertible Preferred Stock is outstanding, (a) shall pay a stock dividend or otherwise make a distribution or distributions on shares of its Common Stock payable in shares of its capital stock [whether payable in shares of its Common Stock or of capital stock of any class], (b) subdivide outstanding shares of Common Stock into a larger number of shares, (c) combine outstanding shares of Common Stock into a smaller number of shares. or (d) issue reclassification of shares of Common Stock for any shares of capital stock of the Corporation, the conversion ratio, as defined, shall be adjusted by multiplying the number of shares of Common Stock issuable by a fraction of which the numerator shall be the number of shares of Common Stock of the Corporation outstanding after such event and of which the denominator shall be the number of shares of Common Stock outstanding before such event. Any adjustment made pursuant to this paragraph (e)(iii) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or reclassification. On July 31, 2019, the Company issued 300,000 shares of Series A Convertible Preferred Stock to an entity affiliated with the Former Officer in consideration for the loans totaling $7,567 (NOTE 5). The Former Officer loaned additional funds to the Company totaling $1,737 which were forgiven by the Former Officer as of September 30, 2019 and deemed as additional paid-in capital. On October 7, 2019, an entity affiliated with the Former Officer of the Company entered into a private transaction with the Company’s CEO to sell 300,000 shares of Series A Convertible Preferred Stock. As a result of all Preferred Stock issuances, the total issued and outstanding shares of Preferred Stock were 300,000 and 0 shares as of March 31, 2020 and 2019, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 8 – INCOME TAXES Income tax expense for the years ended March 31, 2020 and 2019 is summarized as follows. March 31, 2020 March 31, 2019 Deferred: Federal $ (19,417 ) $ (57 ) State — — Change in valuation allowance 19,417 57 Income tax expense (benefit) $ — $ — The following is a reconciliation of the provision for income taxes at the U.S. federal income tax rate to the income taxes reflected in the Statement of Operations: March 31, 2020 March 31, 2019 Tax at statutory tax rate 21 % 21 % State taxes — — Other permanent items -1 % — Valuation allowance -20 % -21 % Income tax expense — — The tax effects of temporary differences that gave rise to significant portions of deferred tax assets and liabilities at March 31, 2010 and 2019, are as follows: March 31, 2020 March 31, 2019 Deferred tax assets: Net operating loss carry forward $ 19,417 $ 57 Total gross deferred tax assets 19,417 57 Less: valuation allowance (19,417 ) (57 ) Net deferred tax assets $ — $ — Deferred income taxes are provided for the tax effects of transactions reported in the financial statements and consist of deferred taxes related primarily to differences between the bases of certain assets and liabilities for financial and tax reporting. The deferred taxes represent the future tax return consequences of those differences, which will either be deductible or taxable when the assets and liabilities are recovered or settled. On December 22, 2017, the 2017 Tax Cuts and Jobs Act (the “Tax Reform Act”) was enacted into law and the new legislation contains several key tax provisions that impact the Company, including a reduction of the corporate income tax rate to 21% effective for tax years beginning after December 31, 2017 and the Transition Tax, among others. The staff of the US Securities and Exchange Commission (SEC) has recognized the complexity of reflecting the impacts of the Tax Reform Act, and issued guidance in Staff Accounting Bulletin 118 (“SAB 118”) in December 2017, which clarifies accounting for income taxes under ASC 740 if information is not yet available or complete and provides for up to a one year period in which to complete the required analyses and accounting (the measurement period). Adjustments to incomplete and unknown amounts will be recorded and disclosed prospectively during the measurement period. The Company has completed the required analysis and accounting for substantially all the effects. Except for the reduction of the income tax rate from 34% to 21%, there were no material impact on the Company’s financial statements. At March 31, 2020 and 2019, the Company had accumulated net operating losses of approximately $329,800 and $237,300, respectively, for U.S. federal and Delaware income tax purposes available to offset future taxable incomes. The net operating losses generated in tax years prior to December 31, 2017, can be carry forward for twenty years, whereas the net operating losses generated after December 31, 2017 can be carry forward indefinitely. Management determined that it was unlikely that the Company’s deferred tax assets would be realized and have provided for a full valuation allowance associated with the net deferred tax assets. As of March 31, 2020 and 2019, the Company’s deferred income tax assets and valuation allowance were $19,417 and $57, respectively. In the ordinary course of business, the Company’s income tax returns are subject to examination by various taxing authorities. Such examinations may result in future tax and interest assessment by these taxing authorities. Accordingly, the Company believes that it is more likely than not that it will realize the benefits of tax positions it has taken in its tax returns or for the amount of any tax benefit that exceeds the cumulative probability threshold in accordance with FASB ASC 740. Differences between the estimated and actual amounts determined upon ultimate resolution, individually or in the aggregate, are not expected to have a material adverse effect on the Company’s financial position. The Company believes its tax positions are all highly certain of being upheld upon examination. As such, the Company has not recorded a liability for unrecognized tax benefits. As of March 31, 2020, tax years 2019, 2018 and 2017 remain open for examination by the Internal Revenue Service and the Nevada Division of Revenue. The Company has received no notice of audit from the Internal Revenue Service or the Nevada Division of Revenue for any of the open tax years. |
Subsequent Events
Subsequent Events | 6 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Mar. 31, 2020 | |
Subsequent Events [Abstract] | ||
Subsequent Events | NOTE 9 – SUBSEQUENT EVENTS Management has evaluated subsequent events through the date of this Report, the date the financial statements were available to be issued, noting the following items that would impact the accounting for events or transactions in the current period or require additional disclosure. On December 1, 2020, the Company entered into an employment agreement with its Chief Executive Officer for a three-year term, for an annual compensation of $150,000. In addition, the Company issued 1,000,000 shares of its common stock as an inducement (sign on bonus) to enter into the employment agreement. On December 9, 2020, the Company sold 30,000 shares of its common stock to an investor at purchase of $0.50 per share, and received a cash consideration of $15,000. On December 21, 2020, the Company sold 10,000 shares of its common stock to an investor at a purchase price of $0.50 per share, and received a cash consideration of $5,000. On December 23, 2020, the Company sold 10,000 shares of its common stock to an investor at a purchase price of $1.00 per share, and received a cash consideration of $10,000. On December 23, 2020, the Company sold 100,000 shares of its common stock to an investor at a purchase price of $1.00 per share, and received a cash consideration of $100,000. On December 23, 2020, the Company sold 300,000 shares of its common stock to an investor at a purchase price of $1.00 per share, and received a cash consideration of $300,000. | NOTE 9 – SUBSEQUENT EVENTS Management has evaluated subsequent events through November 4, 2020, the date the financial statements were available to be issued, noting the following items would impact the accounting for events or transactions in the current period or require additional disclosure. On April 25, 2020, an investor executed a stock subscription agreement to purchase 60,000 shares of common stock of the Company at $0.50 per share. The investor paid $30,000 to the Company on April 25, 2020. The Company has issued 60,000 shares of common stock to the investor on April 28, 2020. On June 30, 2020, the Company effected another reverse stock split (the “Reverse Split”) of its issued and outstanding common stock. As a result of the Reverse Split, each (100) shares on common stock issued and outstanding prior to the Reverse Split were converted into one (1) share of common stock. The Reverse Split did not change the number of authorized shares or the par value of its common stock or preferred stock. On September 1, 2020, an investor executed a stock subscription agreement to purchase 400,000 shares of common stock of the Company at $0.50 per share. The investor paid $200,000 to the Company on September 1, 2020. The Company has issued 100,000 shares of common stock to the investor on September 9, 2020, and the remaining 300,000 shares of common stock on September 15, 2020. On September 30, 2020, the Chief Executive Officer of the Company converted 8,000 shares of issued and outstanding preferred stock of the Company into 8,000,000 shares of common stock pursuant to the conversion terms of its Certificate of Designation filed with the Secretary of State of Nevada. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Mar. 31, 2020 | |
Accounting Policies [Abstract] | ||
Use of Estimates | Use of Estimates The preparation of condensed 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 amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the valuation of its assets, accounts payable, accrued liabilities and payable to related party. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. The Company did not have any cash equivalents as of September 30, 2020 and March 31, 2020, respectively. | Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. The Company did not have any cash equivalents as of March 31, 2020 and 2019, respectively. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation. The Company provides for depreciation on a straight-line basis over the estimated useful lives of the assets which range from five to seven years. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the related assets when they are placed into service. The Company evaluates property and equipment for impairment periodically to determine if changes in circumstances or the occurrence of events suggest the carrying value of the asset or asset group may not be recoverable. Maintenance and repairs are charged to operations as incurred. Expenditures which substantially increase the useful lives of the related assets are capitalized. | |
Long-lived Assets | Long-lived Assets In accordance with Accounting Standards Codification (“ASC”) ASC 360, “ Property, Plant, and Equipment | |
Earnings (Loss) Per Common Share | Earnings (Loss) Per Common Share The Company computes earnings (loss) per share in accordance with ASC 260, “ Earnings per Share” | Earnings (Loss) Per Common Share The Company computes earnings (loss) per share in accordance with Accounting Standards Codification (“ASC”) ASC 260, “ Earnings per Share” |
Leases | Leases The Company has operating leases for its offices. Management determines if an arrangement is a lease at inception of the contract and whether a contract is or contains a lease by determining whether it conveys the right to control the use of the identified asset for a period of time. If the contract provides the Company the right to substantially all of the economic benefits from the use of the identified asset and the right to direct the use of the identified asset, the Company consider it to be, or contain, a lease. The Company records a right-of-use asset and a corresponding lease liability based on the present value of the minimum lease payments. The lease term used in the calculation of right-of-use assets and lease liabilities include renewal and termination options that are reasonably certain to be exercised. Leases with an initial term of twelve months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the lease term. Our leases do not provide an implicit borrowing rate, and we estimate the Company’s incremental borrowing rate to discount the lease payments based on information available at lease commencement. | Leases The Company has operating leases for its offices. Management determines if an arrangement is a lease at inception of the contract and whether a contract is or contains a lease by determining whether it conveys the right to control the use of the identified asset for a period of time. If the contract provides the Company the right to substantially all of the economic benefits from the use of the identified asset and the right to direct the use of the identified asset, the Company consider it to be, or contain, a lease. The Company records a right-of-use asset and a corresponding lease liability based on the present value of the minimum lease payments. The lease term used in the calculation of right-of-use assets and lease liabilities include renewal and termination options that are reasonably certain to be exercised. Leases with an initial term of twelve months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the lease term. Our leases do not provide an implicit borrowing rate, and we estimate the Company’s incremental borrowing rate to discount the lease payments based on information available at lease commencement. |
Fair value of Financial Instruments and Fair Value Measurements | Fair value of Financial Instruments and Fair Value Measurements ASC 820, “ Fair Value Measurements and Disclosures”, Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company’s financial instruments consist principally of prepaid deposits and accrued liabilities. The Company believes that the recorded values of all the financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. | Fair value of Financial Instruments and Fair Value Measurements ASC 820, “ Fair Value Measurements and Disclosures”, Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company’s financial instruments consist principally of prepaid deposits and accrued liabilities. The Company believes that the recorded values of all the financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. |
Stock-based Compensation | Stock-based Compensation The Company accounts for equity-based transactions with non-employees under the provisions of ASC Topic No. 505-50, “ Equity-Based Payments to Non-Employees” The Company accounts for employee stock-based compensation in accordance with the guidance of ASC Topic 718, “ Compensation—Stock Compensation”. | Stock-based Compensation The Company accounts for equity-based transactions with non-employees under the provisions of ASC Topic No. 505-50, Equity-Based Payments to Non-Employees The Company accounts for employee stock-based compensation in accordance with the guidance of ASC Topic 718, Compensation—Stock Compensation. |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “ Income Taxes” The Company follows the provisions of ASC 740-10, “ Accounting for Uncertain Income Tax Positions | Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “ Income Taxes” The Company follows the provisions of ASC 740-10, “ Accounting for Uncertain Income Tax Positions |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-13, “ Changes to the Disclosure Requirements for Fair Value Measurement Fair Value Measurement In December 2019, the FASB issued Accounting Standards Update (“ASU”) ASU 2019-12, “ Simplifying the Accounting for Income Taxes | Recent Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-13, “ Changes to the Disclosure Requirements for Fair Value Measurement Fair Value Measurement In December 2019, the (“FASB”) issued ASU Update 2019-12, “ Simplifying the Accounting for Income Taxes |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Schedule of Property and Equipment | Property and equipment, stated at cost, consisted of the following: Estimated Life March 31, 2020 March 31, 2020 Furniture and Fixtures 5 years $ 112,519 $ 112,519 Vehicles 5 years 97,991 - Less: Accumulated depreciation (25,286 ) (7,501 ) Total $ 185,224 $ 105,018 | Property and equipment, stated at cost, consisted of the following: Estimated Life March 31, 2020 March 31, 2019 Furniture and Fixtures 5 years $ 112,519 $ - Less: Accumulated depreciation (7,501 ) - Total $ 105,018 $ - |
Loan Payable (Tables)
Loan Payable (Tables) | 6 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Loan Payable | September 30, 2020 March 31, 2020 (Unaudited) Loan payable $ 74,608 $ - Less: Current portion (11,973 ) - Loan Payable - Non-current portion $ 62,634 $ - |
Schedule of Maturities of Loan Payments | The amount of loan payments due in the next five years ended March 31, are as follows: 2021 (Remainder) $ 5,938 2022 12,212 2023 12,699 2024 13,231 2025 13,762 Thereafter 16,766 Total $ 74,608 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Future Minimum Annual Lease Payments Under Operating Lease | As of March 31, 2020, total future minimum annual lease payments under the operating lease was as follows: For the year ending March 31, Amount 2021 $ 8,700 Total $ 8,700 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Tax Expense | Income tax expense for the years ended March 31, 2020 and 2019 is summarized as follows. March 31, 2020 March 31, 2019 Deferred: Federal $ (19,417 ) $ (57 ) State — — Change in valuation allowance 19,417 57 Income tax expense (benefit) $ — $ — |
Summary of Reconciliation of Provision for Income Taxes | The following is a reconciliation of the provision for income taxes at the U.S. federal income tax rate to the income taxes reflected in the Statement of Operations: March 31, 2020 March 31, 2019 Tax at statutory tax rate 21 % 21 % State taxes — — Other permanent items -1 % — Valuation allowance -20 % -21 % Income tax expense — — |
Summary of Tax Effects of Temporary Differences to Significant Portions of Deffered Tax Assets and Liabilities | The tax effects of temporary differences that gave rise to significant portions of deferred tax assets and liabilities at March 31, 2010 and 2019, are as follows: March 31, 2020 March 31, 2019 Deferred tax assets: Net operating loss carry forward $ 19,417 $ 57 Total gross deferred tax assets 19,417 57 Less: valuation allowance (19,417 ) (57 ) Net deferred tax assets $ — $ — |
Nature of Operations, Basis o_2
Nature of Operations, Basis of Presentation and Going Concern (Details Narrative) - USD ($) | Jun. 30, 2020 | Oct. 15, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Mar. 31, 2020 | Mar. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||
Reverse stock splits | As a result of the Reverse Split, each (100) shares on common stock issued and outstanding prior to the Reverse Split were converted into one (1) share of common stock. | As a result of the Reverse Split, each 100 shares of common stock issued and outstanding prior to the Reverse Split were converted into one (1) common stock. | As a result of the Reverse Splits, each 100 shares of common stock issued and outstanding prior to the Reverse Splits were converted into one (1) common stock. All share and per share numbers in these financial statements have been revised retroactively to take into account this Reverse Split. | |||
Net loss | $ (80,555) | $ (9,034) | $ (95,774) | $ (270) | ||
Net cash flows in operating activities | 150,744 | 12,481 | ||||
Accumulated deficit | $ (413,649) | $ (333,094) | $ (237,320) |
Nature of Operations, Basis o_3
Nature of Operations, Basis of Presentation and Going Concern (Details Narrative) (10-K) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Net loss | $ (80,555) | $ (9,034) | $ (95,774) | $ (270) |
Net cash flows in operating activities | 150,744 | 12,481 | ||
Accumulated deficit | $ (413,649) | $ (333,094) | $ (237,320) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Cash equivalents | ||||
Impairment loss of long-lived assets | ||||
Income tax benefit likely, description | More than 50 percent. | More than 50 percent | ||
Minimum [Member] | ||||
Property and equipment estimated useful lives | P5Y | |||
Maximum [Member] | ||||
Property and equipment estimated useful lives | P7Y |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) (10-K) - USD ($) | 6 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | |
Accounting Policies [Abstract] | |||
Cash equivalents | |||
Income tax benefit likely, description | More than 50 percent. | More than 50 percent |
Prepaid Deposits (Details Narra
Prepaid Deposits (Details Narrative) - USD ($) | Sep. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Notes to Financial Statements | |||
Prepaid deposits | $ 100,777 | $ 8,700 |
Prepaid Deposits (Details Nar_2
Prepaid Deposits (Details Narrative) (10-K) - USD ($) | Sep. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Notes to Financial Statements | |||
Prepaid deposits | $ 100,777 | $ 8,700 |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 17,785 | $ 7,501 |
Property and Equipment (Detai_2
Property and Equipment (Details Narrative) (10-K) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 17,785 | $ 7,501 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | |
Less: Accumulated depreciation | $ (25,286) | $ (7,501) | |
Total | 185,224 | 105,018 | |
Furniture and Fixtures [Member] | |||
Property and equipment, gross | $ 112,519 | $ 112,519 | |
Property and equipment, estimated useful lives | P5Y | P5Y | |
Vehicles [Member] | |||
Property and equipment, gross | $ 97,991 | ||
Property and equipment, estimated useful lives | P5Y |
Property and Equipment - Sche_2
Property and Equipment - Schedule of Property and Equipment (Details) (10-K) - USD ($) | 6 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | |
Less: Accumulated depreciation | $ (25,286) | $ (7,501) | |
Total | 185,224 | 105,018 | |
Furniture and Fixtures [Member] | |||
Property and equipment, gross | $ 112,519 | $ 112,519 | |
Property and equipment, estimated useful lives | P5Y | P5Y |
Loan Payable (Details Narrative
Loan Payable (Details Narrative) - USD ($) | Jun. 16, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Mar. 31, 2020 |
Loans payable | $ 74,608 | |||
Interest expenses | $ 1,027 | $ 0 | ||
Financing Arrangement [Member] | ||||
Loans payable | $ 78,491 | |||
Debt term | 72 months | |||
Debt interest rate | 3.99% | |||
Debt monthly payment | $ 1,228 |
Loan Payable - Schedule of Loan
Loan Payable - Schedule of Loan Payable (Details) - USD ($) | Sep. 30, 2020 | Mar. 31, 2020 |
Debt Disclosure [Abstract] | ||
Loan payable | $ 74,608 | |
Less: Current portion | (11,973) | |
Loan Payable - Non-current portion | $ 62,634 |
Loan Payable - Schedule of Matu
Loan Payable - Schedule of Maturities of Loan Payments (Details) | Sep. 30, 2020USD ($) |
Debt Disclosure [Abstract] | |
2021 (Remainder) | $ 5,938 |
2022 | 12,212 |
2023 | 12,699 |
2024 | 13,231 |
2025 | 13,762 |
Thereafter | 16,766 |
Total | $ 74,608 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Oct. 07, 2019 | Jul. 31, 2019 | Sep. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Loans payable | $ 74,608 | ||||
Former Chief Executive Officer [Member] | |||||
Loans payable | $ 7,567 | ||||
Additional funds | $ 1,737 | ||||
Related party payables | $ 57,062 | $ 56,277 | $ 270 | ||
Former Chief Executive Officer [Member] | Series A Preferred Stock [Member] | |||||
Number of shares of common stock | 300,000 | ||||
Number of sale of shares | 300,000 |
Related Party Transactions (D_2
Related Party Transactions (Details Narrative) (10-K) - USD ($) | Oct. 07, 2019 | Jul. 31, 2019 | Sep. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Loans payable | $ 74,608 | ||||
Former Chief Executive Officer [Member] | |||||
Loans payable | $ 7,567 | ||||
Additional funds | $ 1,737 | ||||
Related party payables | $ 57,062 | $ 56,277 | $ 270 | ||
Former Chief Executive Officer [Member] | Series A Preferred Stock [Member] | |||||
Number of shares of common stock | 300,000 | ||||
Number of sale of shares | 300,000 |
Commitments and Contingencies_2
Commitments and Contingencies (Details Narrative) - USD ($) | Oct. 30, 2019 | Aug. 27, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Sep. 07, 2020 |
Rent expenses | $ 8,700 | $ 259 | $ 8,700 | $ 0 | $ 43,500 | $ 0 | |
Security deposit | $ 8,700 | $ 259 | |||||
Verbal Agreement [Member] | |||||||
Rent expenses | $ 777 | $ 0 |
Commitments and Contingencies_3
Commitments and Contingencies (Details Narrative) (10-K) - USD ($) | Oct. 30, 2019 | Aug. 27, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Sep. 07, 2020 |
Commitments and Contingencies Disclosure [Abstract] | |||||||
Security deposit | $ 8,700 | $ 259 | |||||
Rent expenses | $ 8,700 | $ 259 | $ 8,700 | $ 0 | $ 43,500 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Future Minimum Annual Lease Payments Under Operating Lease (Details) (10-K) | Mar. 31, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2021 | $ 8,700 |
Total | $ 8,700 |
Stockholders' Equity (Details N
Stockholders' Equity (Details Narrative) - USD ($) | Sep. 30, 2020 | Sep. 15, 2020 | Sep. 09, 2020 | Sep. 01, 2020 | Jun. 30, 2020 | Apr. 28, 2020 | Apr. 25, 2020 | Oct. 15, 2019 | Sep. 30, 2020 | Mar. 31, 2020 | Nov. 20, 2019 | Nov. 18, 2019 | Sep. 30, 2019 | Mar. 31, 2019 |
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | |||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||
Preferred stock, shares authorized | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 | |||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||
Reverse stock splits | As a result of the Reverse Split, each (100) shares on common stock issued and outstanding prior to the Reverse Split were converted into one (1) share of common stock. | As a result of the Reverse Split, each 100 shares of common stock issued and outstanding prior to the Reverse Split were converted into one (1) common stock. | As a result of the Reverse Splits, each 100 shares of common stock issued and outstanding prior to the Reverse Splits were converted into one (1) common stock. All share and per share numbers in these financial statements have been revised retroactively to take into account this Reverse Split. | |||||||||||
Number of shares of common stock, value | $ 230,000 | $ 125,000 | ||||||||||||
Common stock, shares issued | 8,419,700 | 8,419,700 | 19,100 | 16,600 | ||||||||||
Common stock, shares outstanding | 8,419,700 | 8,419,700 | 19,100 | 16,600 | ||||||||||
Preferred stock liquidation preference price per share | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||
Preferred stock, shares issued | 292,000 | 292,000 | 300,000 | 0 | ||||||||||
Preferred stock, shares outstanding | 292,000 | 292,000 | 300,000 | 0 | ||||||||||
Series A Convertible Preferred Stock [Member] | ||||||||||||||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | 1,000,000 | |||||||||||
Converted shares | 8,000 | |||||||||||||
Convertible preferred stock shares issued upon conversion | 1,000 | 1,000 | 1,000 | |||||||||||
Preferred stock voting rights | The Holders of the Series A Convertible Preferred Stock shall be entitled to 1,000 (one thousand) votes per share of Common Stock. | The Holders of the Series A Convertible Preferred Stock shall be entitled to 1,000 (one thousand) votes per share of Common Stock. | ||||||||||||
Number of shares cancelled | 8,000 | |||||||||||||
Preferred stock, shares issued | 292,000 | 292,000 | 292,000 | |||||||||||
Preferred stock, shares outstanding | 292,000 | 292,000 | 292,000 | |||||||||||
Investor [Member] | ||||||||||||||
Number of shares of common stock | 600 | |||||||||||||
Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||
Number of shares of common stock | 300,000 | 100,000 | 400,000 | 60,000 | 600 | |||||||||
Stock price per share | $ 0.50 | $ 50 | $ 0.50 | $ 0.50 | ||||||||||
Number of shares of common stock, value | $ 200,000 | $ 30,000 | ||||||||||||
Chief Executive Officer [Member] | ||||||||||||||
Conversion of stock, shares issued | 8,000,000 |
Stockholders' Equity (Details_2
Stockholders' Equity (Details Narrative) (10-K) - USD ($) | Sep. 01, 2020 | Jun. 30, 2020 | Nov. 20, 2019 | Nov. 18, 2019 | Oct. 15, 2019 | Oct. 07, 2019 | Sep. 30, 2019 | Jul. 31, 2019 | Sep. 30, 2020 | Mar. 31, 2020 | Apr. 25, 2020 | Dec. 19, 2019 | Mar. 31, 2019 |
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | |||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||
Preferred stock, shares authorized | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 | |||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||
Reverse stock splits | As a result of the Reverse Split, each (100) shares on common stock issued and outstanding prior to the Reverse Split were converted into one (1) share of common stock. | As a result of the Reverse Split, each 100 shares of common stock issued and outstanding prior to the Reverse Split were converted into one (1) common stock. | As a result of the Reverse Splits, each 100 shares of common stock issued and outstanding prior to the Reverse Splits were converted into one (1) common stock. All share and per share numbers in these financial statements have been revised retroactively to take into account this Reverse Split. | ||||||||||
Common stock, shares issued | 8,419,700 | 19,100 | 16,600 | ||||||||||
Common stock, shares outstanding | 8,419,700 | 19,100 | 16,600 | ||||||||||
Preferred stock liquidation preference price per share | $ 0.001 | $ 0.001 | |||||||||||
Preferred stock, shares issued | 292,000 | 300,000 | 0 | ||||||||||
Preferred stock, shares outstanding | 292,000 | 300,000 | 0 | ||||||||||
Series A Convertible Preferred Stock [Member] | |||||||||||||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |||||||||||
Convertible preferred stock shares issued upon conversion | 1,000 | 1,000 | |||||||||||
Preferred stock voting rights | The Holders of the Series A Convertible Preferred Stock shall be entitled to 1,000 (one thousand) votes per share of Common Stock. | The Holders of the Series A Convertible Preferred Stock shall be entitled to 1,000 (one thousand) votes per share of Common Stock. | |||||||||||
Preferred stock, shares issued | 292,000 | 292,000 | |||||||||||
Preferred stock, shares outstanding | 292,000 | 292,000 | |||||||||||
Former Chief Executive Officer [Member] | |||||||||||||
Debt forgiven by related party | $ 1,737 | ||||||||||||
Former Chief Executive Officer [Member] | Series A Convertible Preferred Stock [Member] | |||||||||||||
Number of sale of shares | 300,000 | ||||||||||||
Number of convertible preferred stock shares issued for loans consideration | 300,000 | ||||||||||||
Number of convertible preferred stock issued for loans consideration | $ 7,567 | ||||||||||||
Stock Subscription Agreement [Member] | Investor [Member] | |||||||||||||
Number of sale of shares | 50,000 | 200,000 | |||||||||||
Stock price per share | $ 0.50 | $ 0.50 | $ 0.50 | $ 50 | |||||||||
Cash consideration | $ 200,000 | $ 25,000 | $ 100,000 | ||||||||||
Stock Subscription Agreement [Member] | Investor One [Member] | |||||||||||||
Number of stock issued for subscriptions | 200,000 | ||||||||||||
Stock Subscription Agreement [Member] | Investor Two [Member] | |||||||||||||
Number of stock issued for subscriptions | 50,000 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) (10-K) - USD ($) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Equity [Abstract] | ||
Corporate income taxes | 21.00% | 21.00% |
Change in tax rate, description | Except for the reduction of the income tax rate from 34% to 21%, there were no material impact on the Company's financial statements. | |
Net operating losses | $ 329,800 | $ 237,300 |
Deferred tax assets, valuation allowance | $ 19,417 | $ 57 |
Income tax examination, description | Tax years 2019, 2018 and 2017 remain open for examination by the Internal Revenue Service and the Nevada Division of Revenue. |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Expense (Details) (10-K) - USD ($) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Federal | $ (19,417) | $ (57) |
State | ||
Change in valuation allowance | 19,417 | 57 |
Income tax expense (benefit) |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Provision for Income Taxes (Details) (10-K) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Tax at statutory tax rate | 21.00% | 21.00% |
State taxes | ||
Other permanent items | (1.00%) | |
Valuation allowance | (20.00%) | (21.00%) |
Income tax expense |
Income Taxes - Summary of Tax E
Income Taxes - Summary of Tax Effects of Temporary Differences to Significant Portions of Deffered Tax Assets and Liabilities (Details) (10-K) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carry forward | $ 19,417 | $ 57 |
Total gross deferred tax assets | 19,417 | 57 |
Less: valuation allowance | (19,417) | (57) |
Net deferred tax assets |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | Dec. 23, 2020 | Dec. 21, 2020 | Dec. 09, 2020 | Dec. 01, 2020 | Apr. 28, 2020 | Sep. 30, 2020 | Mar. 31, 2020 | |
Common Stock [Member] | ||||||||
Number of shares of common stock | [1] | 400,600 | 2,500 | |||||
Investor [Member] | ||||||||
Number of shares of common stock | 600 | |||||||
Subsequent Event [Member] | Investor [Member] | Common Stock [Member] | ||||||||
Number of sale of shares | 10,000 | 30,000 | ||||||
Sale of stock price | $ 0.50 | $ 0.50 | ||||||
Cash consideration | $ 5,000 | $ 15,000 | ||||||
Subsequent Event [Member] | Investor One [Member] | Common Stock [Member] | ||||||||
Number of sale of shares | 10,000 | |||||||
Sale of stock price | $ 1 | |||||||
Cash consideration | $ 10,000 | |||||||
Subsequent Event [Member] | Investor Two [Member] | Common Stock [Member] | ||||||||
Number of sale of shares | 100,000 | |||||||
Sale of stock price | $ 1 | |||||||
Cash consideration | $ 100,000 | |||||||
Subsequent Event [Member] | Investor Three [Member] | Common Stock [Member] | ||||||||
Number of sale of shares | 300,000 | |||||||
Sale of stock price | $ 1 | |||||||
Cash consideration | $ 300,000 | |||||||
Subsequent Event [Member] | Employment Agreement [Member] | Chief Executive Officer [Member] | ||||||||
Debt term | 3 years | |||||||
Annual compensation | $ 150,000 | |||||||
Number of shares of common stock | 1,000,000 | |||||||
[1] | Common stock adjusted to reflect 1:100 reverse stock splits effectuated on October 15, 2019 and June 30, 2020, respectively. |
Subsequent Events (Details Na_2
Subsequent Events (Details Narrative) (10-K) - USD ($) | Sep. 30, 2020 | Sep. 15, 2020 | Sep. 09, 2020 | Sep. 01, 2020 | Jun. 30, 2020 | Apr. 28, 2020 | Apr. 25, 2020 | Nov. 20, 2019 | Nov. 18, 2019 | Oct. 15, 2019 | Sep. 30, 2020 |
Reverse stock splits | As a result of the Reverse Split, each (100) shares on common stock issued and outstanding prior to the Reverse Split were converted into one (1) share of common stock. | As a result of the Reverse Split, each 100 shares of common stock issued and outstanding prior to the Reverse Split were converted into one (1) common stock. | As a result of the Reverse Splits, each 100 shares of common stock issued and outstanding prior to the Reverse Splits were converted into one (1) common stock. All share and per share numbers in these financial statements have been revised retroactively to take into account this Reverse Split. | ||||||||
Investor [Member] | |||||||||||
Number of shares of common stock | 600 | ||||||||||
Chief Executive Officer [Member] | |||||||||||
Conversion of stock, shares issued | 8,000,000 | ||||||||||
Stock Subscription Agreement [Member] | Investor [Member] | |||||||||||
Number of shares of common stock | 60,000 | ||||||||||
Sale of stock price | $ 0.50 | ||||||||||
Cash consideration | $ 30,000 | ||||||||||
Stock Subscription Agreement [Member] | Investor [Member] | |||||||||||
Number of shares of common stock | 300,000 | 100,000 | 400,000 | 60,000 | 600 | ||||||
Sale of stock price | $ 0.50 | ||||||||||
Cash consideration | $ 200,000 | $ 25,000 | $ 100,000 |