Cover
Cover | 3 Months Ended |
Jun. 30, 2022 | |
Cover [Abstract] | |
Document Type | POS AM |
Amendment Flag | true |
Amendment Description | On August 31, 2021, BlueOne Card, Inc., a Nevada corporation (the “Company”), filed a registration statement with the Securities and Exchange Commission (the “SEC”) on Form S-1 (File No. 333-259222) (the “Registration Statement”) covering the resales of up to 948,992 shares of its common stock. The Registration Statement was declared effective by the SEC on September 13, 2021. |
Entity Registrant Name | BLUEONE CARD, INC. |
Entity Central Index Key | 0001496690 |
Entity Tax Identification Number | 26-0478989 |
Entity Incorporation, State or Country Code | NV |
Entity Address, Address Line One | 4695 MacArthur Court |
Entity Address, Address Line Two | Suite 1100 |
Entity Address, City or Town | Newport Beach |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 92660 |
City Area Code | 800 |
Local Phone Number | 210-9755 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Jun. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
Current Assets | |||
Cash | $ 121,549 | $ 41,318 | $ 340,502 |
Prepaid deposits | 294,206 | 270,506 | 155,072 |
Total Current Assets | 415,755 | 311,824 | 495,574 |
Property and Equipment, net | 123,901 | 135,285 | 164,173 |
Total Assets | 539,656 | 447,109 | 659,747 |
Current Liabilities | |||
Accounts payable and accrued liabilities | 39,491 | 39,098 | 27,498 |
Related party payables | 317,136 | 240,012 | 100,211 |
Customer deposits | 20,000 | 20,000 | 20,000 |
Loan payable, current portion | 12,836 | 12,699 | 12,212 |
Total Current Liabilities | 389,463 | 311,809 | 159,921 |
Loan payable, non-current portion | 40,496 | 43,759 | 56,458 |
Total Liabilities | 429,959 | 355,568 | 216,379 |
Commitments and Contingencies | |||
Stockholders’ Equity | |||
Preferred stock, $0.001 par value; 25,000,000 shares authorized, 292,000 shares issued and outstanding as of March 31, 2022 and 2021, respectively | 292 | 292 | 292 |
Common stock, $0.001 par value; 500,000,000 shares authorized, 9,979,575 and 9,890,075 shares issued and outstanding at March 31, 2022 and 2021, respectively | 10,279 | 9,980 | 9,890 |
Additional paid in capital | 1,643,283 | 1,221,082 | 1,042,172 |
Accumulated deficit | (1,544,157) | (1,139,813) | (608,986) |
Total Stockholders’ Equity | 109,697 | 91,541 | 443,368 |
Total Liabilities and Stockholders’ Equity | $ 539,656 | $ 447,109 | $ 659,747 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
Statement of Financial Position [Abstract] | |||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 292,000 | 292,000 | 292,000 |
Preferred stock, shares outstanding | 292,000 | 292,000 | 292,000 |
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Common stock, shares issued | 10,278,861 | 9,979,575 | 9,890,075 |
Common stock, shares outstanding | 10,278,861 | 9,979,575 | 9,890,075 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||||
Revenues | $ 72,200 | |||
Cost of sales | 54,778 | |||
Gross Profit | 17,422 | |||
Operating Expenses | ||||
Legal and filing fees | 17,251 | 5,327 | 32,631 | 17,231 |
Rent | 20,337 | 17,337 | 73,348 | 38,591 |
General and administrative | 365,332 | 85,394 | 439,706 | 216,473 |
Total Operating Expenses | 402,920 | 108,058 | 545,685 | 272,295 |
Loss from Operations | (402,920) | (108,058) | (528,263) | (272,295) |
Other Income (Expense) | ||||
Interest expense | (1,424) | (724) | (2,563) | (3,597) |
Total Other Income (Expense) | (1,424) | (724) | (2,563) | (3,597) |
Loss before Income Taxes | (404,344) | (108,782) | (530,827) | (275,892) |
Provision for Income Tax | ||||
Net Loss | $ (404,344) | $ (108,782) | $ (530,827) | $ (275,892) |
Basic and Diluted Net Loss Per Share | $ (0.04) | $ (0.01) | $ (0.05) | $ (0.06) |
Weighted Average Number of Shares Outstanding - Basic and Diluted | 10,228,696 | 9,890,075 | 9,935,412 | 4,615,160 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total | |
Balance at Mar. 31, 2020 | $ 300 | $ 19 | [1] | $ 371,035 | $ (333,094) | $ 38,260 |
Balance, shares at Mar. 31, 2020 | 300,000 | 19,100 | [1] | |||
Sale of common stock | $ 871 | [1] | 679,129 | 680,000 | ||
Sale of common stock, shares | 870,600 | [1] | ||||
Net loss | [1] | (275,892) | (275,892) | |||
Conversion of preferred stock to common stock | $ (8) | $ 8,000 | [1] | (7,992) | ||
Conversion of preferred stock to common stock, shares | (8,000) | 8,000,000 | [1] | |||
Issuance of stock to officer as bonus | $ 1,000 | [1] | 1,000 | |||
Issuance of stock to officer as bonus, shares | 1,000,000 | [1] | ||||
Fractional shares issued due to reverse stock split | [1] | |||||
Fractional shares issued due to reverse stock split, shares | 375 | [1] | ||||
Balance at Mar. 31, 2021 | $ 292 | $ 9,890 | [1] | 1,042,172 | (608,986) | 443,368 |
Balance, shares at Mar. 31, 2021 | 292,000 | 9,890,075 | [1],[2] | |||
Net loss | (108,782) | (108,782) | ||||
Balance at Jun. 30, 2021 | $ 292 | $ 9,890 | 1,042,172 | (717,768) | 334,586 | |
Balance, shares at Jun. 30, 2021 | 292,000 | 9,890,075 | [2] | |||
Balance at Mar. 31, 2021 | $ 292 | $ 9,890 | [1] | 1,042,172 | (608,986) | 443,368 |
Balance, shares at Mar. 31, 2021 | 292,000 | 9,890,075 | [1],[2] | |||
Sale of common stock | $ 90 | [1] | 178,910 | 179,000 | ||
Sale of common stock, shares | 89,500 | [1] | ||||
Net loss | [1] | (530,827) | (530,827) | |||
Balance at Mar. 31, 2022 | $ 292 | $ 9,980 | [1] | 1,221,082 | (1,139,813) | 91,541 |
Balance, shares at Mar. 31, 2022 | 292,000 | 9,979,575 | [1],[2] | |||
Sale of common stock | $ 49 | 172,451 | 172,500 | |||
Sale of common stock, shares | 49,286 | [2] | ||||
Issuance of common stock for services | $ 250 | 249,750 | 250,000 | |||
Issuance of common stock for services, shares | 250,000 | |||||
Net loss | (404,344) | (404,344) | ||||
Balance at Jun. 30, 2022 | $ 292 | $ 10,279 | $ 1,643,283 | $ (1,544,157) | $ 109,697 | |
Balance, shares at Jun. 30, 2022 | 292,000 | 10,278,861 | [2] | |||
[1]Common stock adjusted to reflect 1:100 reverse stock splits 1:100 reverse stock splits |
Condensed Statements of Stock_2
Condensed Statements of Stockholders' Equity (Deficit) (Unaudited) (Parenthetical) | 3 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2020 | Oct. 15, 2019 | Jun. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Reverse stock splits | 1:100 reverse stock splits | the Company effected a reverse stock split (the “Reverse Split”) of its issued and outstanding common stock (the “Equity Instrument”). As a result of the Reverse Split, each (100) units of Equity Instrument issued and outstanding prior to the Reverse Split were converted into one (1) unit of Equity Instrument. | 1:100 reverse stock splits | 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. |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Flows From Operating Activities: | ||||
Net loss | $ (404,344) | $ (108,782) | $ (530,827) | $ (275,892) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation | 11,384 | 10,525 | 42,388 | 38,836 |
Stock compensation to officer | 250,000 | 1,000 | ||
Changes in operating assets and liabilities: | ||||
(Increase) in prepaid deposits | (23,700) | (1,228) | (115,434) | (146,372) |
Increase in accrued liabilities | 393 | (6,327) | 11,600 | 8,317 |
Increase in related party payables | 77,124 | 33,082 | 139,801 | 43,934 |
Net Cash Used In Operating Activities | (89,143) | (72,730) | (452,472) | (310,177) |
Cash Flows From Investing Activities: | ||||
Cash paid for purchase of property and equipment | (13,500) | (19,500) | ||
Net Cash Used In Investing Activities | (13,500) | (19,500) | ||
Cash Flows From Financing Activities: | ||||
Cash proceeds from sale of common stock | 172,500 | 179,000 | 680,000 | |
Cash paid for loan payable | (3,126) | (3,003) | (12,212) | (9,821) |
Net Cash Provided By Financing Activities | 169,374 | (3,003) | 166,788 | 670,179 |
Net (Decrease) Increase in Cash | 80,231 | (75,733) | (299,184) | 340,502 |
Cash - Beginning of the Period | 41,318 | 340,502 | 340,502 | |
Cash - End of the Period | 121,549 | 264,769 | 41,318 | 340,502 |
Supplemental Disclosures of Cash Flows | ||||
Cash paid for interest | 1,424 | 724 | 2,520 | 3,597 |
Cash paid for income taxes | ||||
Increase in customer deposits | 20,000 | |||
Supplemental Disclosures of Non-cash Investing and Financing Activities: | ||||
Conversion of preferred stock to common stock | 8,000 | |||
Purchase of vehicle by execution of a promissory note | $ 78,491 |
NATURE OF OPERATIONS, BASIS OF
NATURE OF OPERATIONS, BASIS OF PRESENTATION AND GOING CONCERN | 3 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Mar. 31, 2022 | |
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 June 30, 2022 and for the three months ended June 30, 2022 and 2021 should be read in conjunction with the financial statements for the years ended March 31, 2022 and 2021, 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 Nevada Revised Statutes 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. 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 unaudited 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. For purposes of comparability, certain prior period amounts have been reclassified to conform to the current period presentation. 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 generated minimal revenues since its formation 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 $ 404,344 89,143 1,544,157 | 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 on June 30, 2020 changed to BlueOne Card, Inc. 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 significant revenues 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 recorded a net loss of $ 530,827 for the year ended March 31, 2022, used net cash flows in operating activities of $ 452,472 , and has an accumulated deficit of $ 1,139,813 as of March 31, 2022. 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 | 3 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Mar. 31, 2022 | |
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 no Inventory Inventory is valued at the lower of cost or net realizable value using the first-in, first-out method. The reported net value of inventory includes saleable prepaid debit cards that will be sold or used in future periods. The Company reserves for obsolete and slow-moving inventory. At June 30, 2022 and March 31, 2022, there were no 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 three five years Long-lived Assets In accordance with Accounting Standards Codification (“ASC”) ASC 360, “ Property, Plant, and Equipment No Earnings (Loss) Per Common Share The Company computes earnings (loss) per share in accordance with ASC 260, “ Earnings per Share” SCHEDULE OF EARNING PER SHARE 2022 2021 For the Three Months Ended June 30, 2022 2021 Net loss computation of basic and diluted net loss per common share: Net loss attributable to common stockholders $ (404,344 ) $ (108,782 ) Basic and diluted net loss per share: Basic and diluted net loss per common share $ (0.04 ) $ (0.01 ) Basic and diluted weighted average common shares outstanding 10,228,696 9,890,075 Potential dilutive securities that are not included in the calculations of diluted net loss per share because their effect is anti-dilutive, are as follows as of June 30, (in common equivalent shares): SCHEDULE OF ANTIDILUTED SECURITIES OF EARNING PER SHARE June 30, 2022 March 31, 2022 Preferred stock 292,000,000 292,000,000 Total anti-dilutive weighted average shares 292,000,000 292,000,000 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, accrued liabilities and customer deposits. 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. Revenue Recognition The Company recognizes revenues when the product is delivered to the customer, and the ownership/control is transferred. The Company’s revenue recognition policy is based on the revenue recognition criteria established under the Financial Accounting Standards Board – Accounting Standards Codification 606 “Revenue From Contracts With Customers 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 more than 50 percent Recent Accounting Pronouncements In March 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-04, “ Facilitation of the Effects of Reference Rate Reform on Financial Reporting | 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 no Inventory Inventory is valued at the lower of cost or net realizable value using the first-in, first-out method. The reported net value of inventory includes saleable prepaid debit cards that will be sold or used in future periods. The Company reserves for obsolete and slow-moving inventory. At March 31, 2022 and 2021, there were no reserves for obsolete and slow-moving inventory. 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 three five years Long-lived Assets The Company tests long-lived assets or asset groups for recoverability in accordance with US GAAP, when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed of significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset compared to the estimated future undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss equal to the excess of the carrying value over the assets fair market value is recognized when the carrying amount exceeds the undiscounted cash flows. The impairment loss is recorded as an expense and a direct write-down of the asset. No Earnings (Loss) Per Common Share The Company computes earnings (loss) per share in accordance with Accounting Standards Codification (“ASC”) ASC 260, “ Earnings per Share” SCHEDULE OF EARNING PER SHARE 2022 2021 For the Year Ended March 31, 2022 2021 Net loss computation of basic and diluted net loss per common share: Net loss attributable to common stockholders $ (530,827 ) $ (275,892 ) Basic and diluted net loss per share: Basic and diluted net loss per common share $ (0.05 ) $ (0.06 ) Basic and diluted weighted average common shares outstanding 9,935,412 4,615,160 Potential dilutive securities that are not included in the calculations of diluted net loss per share because their effect is anti-dilutive, are as follows as of March 31, (in common equivalent shares): SCHEDULE OF ANTIDILUTIVE SECURITIES OF EARNING PER SHARE March 31, 2022 March 31, 2021 Preferred stock 292,000,000 292,000,000 Total anti-dilutive weighted average shares 292,000,000 292,000,000 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, accrued liabilities, related party payable, loan payable and customer deposits. 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. Revenue Recognition The Company recognizes revenues when the product is delivered to the customer, and the ownership/control is transferred. The Company’s revenue recognition policy is based on the revenue recognition criteria established under the Financial Accounting Standards Board – Accounting Standards Codification 606 “Revenue From Contracts With Customers 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 more than 50 percent Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, “ Facilitation of the Effects of Reference Rate Reform on Financial Reporting |
PREPAID DEPOSITS
PREPAID DEPOSITS | 3 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Mar. 31, 2022 | |
Prepaid Deposits | ||
PREPAID DEPOSITS | NOTE 3 – PREPAID DEPOSITS Prepaid deposits consisted of the following: SCHEDULE OF PREPAID DEPOSITS June 30, 2022 March 31, 2022 Prepaid rent $ 6,759 $ 6,759 Prepaid cards inventory 77,900 77,900 Prepaid Business Identification Number 209,547 180,847 Other - 5,000 Total $ 294,206 $ 270,506 | NOTE 3 – PREPAID DEPOSITS Prepaid deposits consisted of the following: SCHEDULE OF PREPAID DEPOSITS March 31, 2022 March 31, 2021 Prepaid rent $ 6,759 $ 5,759 Prepaid cards inventory 77,900 49,313 Prepaid Business Identification Number 180,847 100,000 Other 5,000 - Total $ 270,506 $ 155,072 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 3 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
PROPERTY AND EQUIPMENT | NOTE 4 – PROPERTY AND EQUIPMENT Property and equipment, stated at cost, consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT Estimated Life June 30, 2022 March 31, 2022 Furniture and Fixtures 5 $ 121,019 $ 121,019 Office equipment 3 5,500 5,500 Vehicles 5 97,991 97,991 Property and equipment, gross 224,010 224,010 Less:Accumulated depreciation (100,109 ) (88,725 ) Total $ 123,901 $ 135,285 Depreciation expense amounted to $ 11,384 10,525 | NOTE 4 – PROPERTY AND EQUIPMENT Property and equipment, stated at cost, consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT Estimated Life March 31, 2022 March 31, 2021 Furniture and fixtures 5 $ 121,019 $ 112,519 Office equipment 3 5,500 - Vehicle 5 97,991 97,991 Property and equipment, gross 224,010 210,510 Less: Accumulated depreciation (88,725 ) (46,337 ) Total $ 135,285 $ 164,173 Depreciation expense amounted to $ 42,388 38,836 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Mar. 31, 2022 | |
Related Party Transactions [Abstract] | ||
RELATED PARTY TRANSACTIONS | NOTE 5 – RELATED PARTY TRANSACTIONS The Company’s Chief Executive Officer (“CEO”), from time to time, has provided advances to the Company for its working capital purposes. The CEO had advanced funds to the Company totalling $ 68,386 32,512 On December 1, 2020, the Company entered into an employment agreement with its CEO for a three-year term, for an annual compensation of $ 150,000 10% 1,000,000 1,000 41,250 37,500 248,750 207,500 The Company has recorded a total payable to the CEO of $ 317,136 240,012 | NOTE 5 – RELATED PARTY TRANSACTIONS The Company’s Chief Executive Officer (“CEO”), from time to time, provided advances to the Company for its working capital purposes. The CEO had advanced funds to the Company totaling $ 32,512 50,211 On September 30, 2020, the CEO converted 8,000 8,000,000 On December 1, 2020, the Company entered into an employment agreement with its CEO for a three-year term, for an annual compensation of $ 150,000 10 1,000,000 1,000 157,500 50,000 207,500 50,000 The Company has recorded a total payable to the CEO of $ 240,012 100,211 |
LOAN PAYABLE
LOAN PAYABLE | 3 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Mar. 31, 2022 | |
Debt Disclosure [Abstract] | ||
LOAN PAYABLE | NOTE 6 – LOAN PAYABLE On June 16, 2020, the Company entered into a financing arrangement to purchase a vehicle, and obtained a loan of $ 78,491 72 3.99% 1,228 SCHEDULE OF LOAN PAYABLE June 30, 2022 March 31, 2022 Loan payable $ 53,332 $ 56,458 Less: Current portion (12,836 ) (12,699 ) Loan Payable - Non-current portion $ 40,496 $ 43,759 The amount of loan payments due in the next five years ended March 31, are as follows: SCHEDULE OF MATURITIES OF LOAN PAYMENTS 2023 (Remainder) $ 9,573 2024 13,231 2025 13,762 2026 14,321 2027 2,445 Total $ 53,332 The Company recorded interest expense on the loan of $ 557 681 | NOTE 6 – LOAN PAYABLE On June 16, 2020, the Company entered into a financing arrangement to purchase a vehicle, and obtained a loan of $ 78,491 72 3.99 1,228 SCHEDULE OF LOAN PAYABLE Loan payable $ 56,458 $ 68,670 March 31, 2022 March 31, 2021 Loan payable $ 56,458 $ 68,670 Less: Current portion (12,699 ) (12,212 ) Loan Payable - Non-current portion $ 43,759 $ 56,458 The amount of loan payments due in the next five years ended March 31, are as follows: SCHEDULE OF MATURITIES OF LOAN PAYMENTS 2023 $ 12,699 2023 $ 12,699 2024 13,231 2025 13,762 2026 14,321 2027 2,445 Total $ 56,458 The Company recorded interest expense on the loan of $ 2,520 2,455 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
COMMITMENTS AND CONTINGENCIES | NOTE 7 – COMMITMENTS AND CONTINGENCIES Office Lease 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 $ 259 259 279 837 837 On October 26, 2020, the Company executed a non-cancellable operating lease agreement for its principal office for a monthly rent of $ 5,500 5,500 6,500 19,500 16,500 The Company has recorded total rent expense of $ 20,337 17,337 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 June 30, 2022 and March 31, 2022, respectively. | NOTE 7 – 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 and maturing on April 30, 2020 8,700 8,700 0 8,700 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 monthly rent increased to $ 279 effective January 1, 2021. The Company has recorded rent expense of $ 3,348 2,391 On October 26, 2020, the Company executed a non-cancellable operating lease agreement for its principal office for a monthly rent of $ 5,500 , with the lease commencing on November 1, 2020 for a period of 12 months. The Company paid a security deposit of $ 5,500 6,500 6,500 70,000 27,500 The Company has recorded total rent expense of $ 73,348 38,591 The Company has considered the provisions of ASC 842 Topic 842 “Leases” 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, 2022 and 2021, respectively. |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 3 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Mar. 31, 2022 | |
Equity [Abstract] | ||
STOCKHOLDERS’ EQUITY | NOTE 8 – STOCKHOLDERS’ EQUITY The Company’s capitalization at June 30, 2022 and March 31, 2022 was 500,000,000 0.001 25,000,000 0.001 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. Common Stock On April 6, 2022, the Company entered into consulting agreements with two business advisors for providing business advisory and consulting services for a period of six months. The Company issued 250,000 250,000 Due to lack of marketability and trading volume of shares, the Company agreed to offer a 50% discount on the last sale price of the common stock at $ 2 From April 20, 2022 to June 30, 2022, the Company sold 49,286 172,500 10,278,861 9,979,575 Preferred Stock The Board of Directors, without further approval of its stockholders, is authorized to fix the dividend rights and terms, conversion rights, voting rights, redemption rights, liquidation preferences and other rights and restrictions relating to any series. Issuances of shares of preferred stock, while providing flexibility in connection with possible financings, acquisitions and other corporate purposes, could, among other things, adversely affect the voting power of the holders of our Common Stock and other series of Preferred Stock then outstanding. Series A Preferred Stock There are 1,000,000 292,000 Liquidation Preference In the event of any liquidation, dissolution or winding up of the Company, 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 Company to the Holders of junior capital stock, including Common Stock, an amount equal to $ 0.001 Stock Splits, Dividends and Distributions If the Company, 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 Company, 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 Company 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. Conversion Rights Each share of Series A Preferred Stock is convertible, at the option of the holder, into 1,000 shares of 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 Company’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 As a result of all preferred stock issuances, the total issued and outstanding shares of preferred stock were 292,000 | NOTE 8 – STOCKHOLDERS’ EQUITY The Company’s capitalization at March 31, 2022 and 2021 was 500,000,000 0.001 25,000,000 0.001 On June 30, 2020, the Company effected a reverse stock split (the “Reverse Split”) of its issued and outstanding common stock (the “Equity Instrument”). As a result of the Reverse Split, each (100) units of Equity Instrument issued and outstanding prior to the Reverse Split were converted into one (1) unit of Equity Instrument. Common Stock On September 30, 2020, the Chief Executive Officer of the Company converted 8,000 8,000,000 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 1,000,000 1,000 During the year ended March 31, 2021, the Company sold 870,600 680,000 0.50 1.00 During the year ended March 31, 2022, the Company sold 89,500 2.00 179,000 As a result of all common stock issuances, the total issued and outstanding shares of common stock were 9,979,575 9,890,075 Preferred Stock The Board of Directors, without further approval of its stockholders, is authorized to fix the dividend rights and terms, conversion rights, voting rights, redemption rights, liquidation preferences and other rights and restrictions relating to any series. Issuances of shares of preferred stock, while providing flexibility in connection with possible financings, acquisitions and other corporate purposes, could, among other things, adversely affect the voting power of the holders of our Common Stock and other series of Preferred Stock then outstanding. Designation There are 1,000,000 292,000 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 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 8,000,000 Asa result of all preferred stock issuances, the total issued and outstanding shares of preferred stock were 292,000 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Mar. 31, 2022 | |
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 no items that would impact the accounting for events or transactions in the current period or require additional disclosure. | NOTE 10 – SUBSEQUENT EVENTS On April 6, 2022, the Company issued 250,000 On April 16, 2022, the Company sold through a private placement, 49,286 172,500 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 9 – INCOME TAXES Income tax expense for the years ended March 31, 2022 and 2021, respectively, is summarized as follows. SUMMARY OF INCOME TAX EXPENSE March 31, 2022 March 31, 2021 Deferred: Federal $ (187,613 ) $ (76,897 ) State — — Change in valuation allowance 187,613 76,897 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: SUMMARY OF RECONCILIATION OF PROVISION FOR INCOME TAXES March 31, 2022 March 31, 2021 Tax at statutory tax rate 21 % 21 % State taxes — — Other permanent items — — Valuation allowance -21 % -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, 2022 and 2021, are as follows: SUMMARY OF TAX EFFECTS OF TEMPORARY DIFFERENCES TO SIGNIFICANT PORTIONS OF DEFFERED TAX ASSETS AND LIABILITIES March 31, 2022 March 31, 2021 Deferred tax assets: Net operating loss carry forward $ 187,613 $ 76,897 Total gross deferred tax assets 187,613 76,897 Less: valuation allowance (187,613 ) (76,897 ) 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. At March 31, 2022 and 2021, the Company had accumulated net operating losses of approximately $ 1,130,000 603,000 As of March 31, 2022 and 2021, the Company’s deferred income tax assets and valuation allowance was $ 187,613 76,897 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, 2022, tax years 2021, 2020, and 2019 remain open for examination by the Internal Revenue Service and the Nevada Division of Revenue. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Mar. 31, 2022 | |
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 no | 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 no |
Inventory | Inventory Inventory is valued at the lower of cost or net realizable value using the first-in, first-out method. The reported net value of inventory includes saleable prepaid debit cards that will be sold or used in future periods. The Company reserves for obsolete and slow-moving inventory. At June 30, 2022 and March 31, 2022, there were no | Inventory Inventory is valued at the lower of cost or net realizable value using the first-in, first-out method. The reported net value of inventory includes saleable prepaid debit cards that will be sold or used in future periods. The Company reserves for obsolete and slow-moving inventory. At March 31, 2022 and 2021, there were no reserves for obsolete and slow-moving inventory. |
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 three five years | 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 three five years |
Long-lived Assets | Long-lived Assets In accordance with Accounting Standards Codification (“ASC”) ASC 360, “ Property, Plant, and Equipment No | Long-lived Assets The Company tests long-lived assets or asset groups for recoverability in accordance with US GAAP, when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed of significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset compared to the estimated future undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss equal to the excess of the carrying value over the assets fair market value is recognized when the carrying amount exceeds the undiscounted cash flows. The impairment loss is recorded as an expense and a direct write-down of the asset. No |
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” SCHEDULE OF EARNING PER SHARE 2022 2021 For the Three Months Ended June 30, 2022 2021 Net loss computation of basic and diluted net loss per common share: Net loss attributable to common stockholders $ (404,344 ) $ (108,782 ) Basic and diluted net loss per share: Basic and diluted net loss per common share $ (0.04 ) $ (0.01 ) Basic and diluted weighted average common shares outstanding 10,228,696 9,890,075 Potential dilutive securities that are not included in the calculations of diluted net loss per share because their effect is anti-dilutive, are as follows as of June 30, (in common equivalent shares): SCHEDULE OF ANTIDILUTED SECURITIES OF EARNING PER SHARE June 30, 2022 March 31, 2022 Preferred stock 292,000,000 292,000,000 Total anti-dilutive weighted average shares 292,000,000 292,000,000 | Earnings (Loss) Per Common Share The Company computes earnings (loss) per share in accordance with Accounting Standards Codification (“ASC”) ASC 260, “ Earnings per Share” SCHEDULE OF EARNING PER SHARE 2022 2021 For the Year Ended March 31, 2022 2021 Net loss computation of basic and diluted net loss per common share: Net loss attributable to common stockholders $ (530,827 ) $ (275,892 ) Basic and diluted net loss per share: Basic and diluted net loss per common share $ (0.05 ) $ (0.06 ) Basic and diluted weighted average common shares outstanding 9,935,412 4,615,160 Potential dilutive securities that are not included in the calculations of diluted net loss per share because their effect is anti-dilutive, are as follows as of March 31, (in common equivalent shares): SCHEDULE OF ANTIDILUTIVE SECURITIES OF EARNING PER SHARE March 31, 2022 March 31, 2021 Preferred stock 292,000,000 292,000,000 Total anti-dilutive weighted average shares 292,000,000 292,000,000 |
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, accrued liabilities and customer deposits. 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, accrued liabilities, related party payable, loan payable and customer deposits. 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. |
Revenue Recognition | Revenue Recognition The Company recognizes revenues when the product is delivered to the customer, and the ownership/control is transferred. The Company’s revenue recognition policy is based on the revenue recognition criteria established under the Financial Accounting Standards Board – Accounting Standards Codification 606 “Revenue From Contracts With Customers | Revenue Recognition The Company recognizes revenues when the product is delivered to the customer, and the ownership/control is transferred. The Company’s revenue recognition policy is based on the revenue recognition criteria established under the Financial Accounting Standards Board – Accounting Standards Codification 606 “Revenue From Contracts With Customers |
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 more than 50 percent | 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 more than 50 percent |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-04, “ Facilitation of the Effects of Reference Rate Reform on Financial Reporting | Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, “ Facilitation of the Effects of Reference Rate Reform on Financial Reporting |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Mar. 31, 2022 | |
Accounting Policies [Abstract] | ||
SCHEDULE OF EARNING PER SHARE | SCHEDULE OF EARNING PER SHARE 2022 2021 For the Three Months Ended June 30, 2022 2021 Net loss computation of basic and diluted net loss per common share: Net loss attributable to common stockholders $ (404,344 ) $ (108,782 ) Basic and diluted net loss per share: Basic and diluted net loss per common share $ (0.04 ) $ (0.01 ) Basic and diluted weighted average common shares outstanding 10,228,696 9,890,075 | SCHEDULE OF EARNING PER SHARE 2022 2021 For the Year Ended March 31, 2022 2021 Net loss computation of basic and diluted net loss per common share: Net loss attributable to common stockholders $ (530,827 ) $ (275,892 ) Basic and diluted net loss per share: Basic and diluted net loss per common share $ (0.05 ) $ (0.06 ) Basic and diluted weighted average common shares outstanding 9,935,412 4,615,160 |
SCHEDULE OF ANTIDILUTIVE SECURITIES OF EARNING PER SHARE | Potential dilutive securities that are not included in the calculations of diluted net loss per share because their effect is anti-dilutive, are as follows as of June 30, (in common equivalent shares): SCHEDULE OF ANTIDILUTED SECURITIES OF EARNING PER SHARE June 30, 2022 March 31, 2022 Preferred stock 292,000,000 292,000,000 Total anti-dilutive weighted average shares 292,000,000 292,000,000 | Potential dilutive securities that are not included in the calculations of diluted net loss per share because their effect is anti-dilutive, are as follows as of March 31, (in common equivalent shares): SCHEDULE OF ANTIDILUTIVE SECURITIES OF EARNING PER SHARE March 31, 2022 March 31, 2021 Preferred stock 292,000,000 292,000,000 Total anti-dilutive weighted average shares 292,000,000 292,000,000 |
PREPAID DEPOSITS (Tables)
PREPAID DEPOSITS (Tables) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Mar. 31, 2022 | |
Prepaid Deposits | ||
SCHEDULE OF PREPAID DEPOSITS | Prepaid deposits consisted of the following: SCHEDULE OF PREPAID DEPOSITS June 30, 2022 March 31, 2022 Prepaid rent $ 6,759 $ 6,759 Prepaid cards inventory 77,900 77,900 Prepaid Business Identification Number 209,547 180,847 Other - 5,000 Total $ 294,206 $ 270,506 | Prepaid deposits consisted of the following: SCHEDULE OF PREPAID DEPOSITS March 31, 2022 March 31, 2021 Prepaid rent $ 6,759 $ 5,759 Prepaid cards inventory 77,900 49,313 Prepaid Business Identification Number 180,847 100,000 Other 5,000 - Total $ 270,506 $ 155,072 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
SCHEDULE OF PROPERTY AND EQUIPMENT | Property and equipment, stated at cost, consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT Estimated Life June 30, 2022 March 31, 2022 Furniture and Fixtures 5 $ 121,019 $ 121,019 Office equipment 3 5,500 5,500 Vehicles 5 97,991 97,991 Property and equipment, gross 224,010 224,010 Less:Accumulated depreciation (100,109 ) (88,725 ) Total $ 123,901 $ 135,285 | Property and equipment, stated at cost, consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT Estimated Life March 31, 2022 March 31, 2021 Furniture and fixtures 5 $ 121,019 $ 112,519 Office equipment 3 5,500 - Vehicle 5 97,991 97,991 Property and equipment, gross 224,010 210,510 Less: Accumulated depreciation (88,725 ) (46,337 ) Total $ 135,285 $ 164,173 |
LOAN PAYABLE (Tables)
LOAN PAYABLE (Tables) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Mar. 31, 2022 | |
Debt Disclosure [Abstract] | ||
SCHEDULE OF LOAN PAYABLE | SCHEDULE OF LOAN PAYABLE June 30, 2022 March 31, 2022 Loan payable $ 53,332 $ 56,458 Less: Current portion (12,836 ) (12,699 ) Loan Payable - Non-current portion $ 40,496 $ 43,759 | SCHEDULE OF LOAN PAYABLE Loan payable $ 56,458 $ 68,670 March 31, 2022 March 31, 2021 Loan payable $ 56,458 $ 68,670 Less: Current portion (12,699 ) (12,212 ) Loan Payable - Non-current portion $ 43,759 $ 56,458 |
SCHEDULE OF MATURITIES OF LOAN PAYMENTS | The amount of loan payments due in the next five years ended March 31, are as follows: SCHEDULE OF MATURITIES OF LOAN PAYMENTS 2023 (Remainder) $ 9,573 2024 13,231 2025 13,762 2026 14,321 2027 2,445 Total $ 53,332 | The amount of loan payments due in the next five years ended March 31, are as follows: SCHEDULE OF MATURITIES OF LOAN PAYMENTS 2023 $ 12,699 2023 $ 12,699 2024 13,231 2025 13,762 2026 14,321 2027 2,445 Total $ 56,458 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
SUMMARY OF INCOME TAX EXPENSE | Income tax expense for the years ended March 31, 2022 and 2021, respectively, is summarized as follows. SUMMARY OF INCOME TAX EXPENSE March 31, 2022 March 31, 2021 Deferred: Federal $ (187,613 ) $ (76,897 ) State — — Change in valuation allowance 187,613 76,897 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: SUMMARY OF RECONCILIATION OF PROVISION FOR INCOME TAXES March 31, 2022 March 31, 2021 Tax at statutory tax rate 21 % 21 % State taxes — — Other permanent items — — Valuation allowance -21 % -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, 2022 and 2021, are as follows: SUMMARY OF TAX EFFECTS OF TEMPORARY DIFFERENCES TO SIGNIFICANT PORTIONS OF DEFFERED TAX ASSETS AND LIABILITIES March 31, 2022 March 31, 2021 Deferred tax assets: Net operating loss carry forward $ 187,613 $ 76,897 Total gross deferred tax assets 187,613 76,897 Less: valuation allowance (187,613 ) (76,897 ) Net deferred tax assets $ — $ — |
NATURE OF OPERATIONS, BASIS O_2
NATURE OF OPERATIONS, BASIS OF PRESENTATION AND GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Jun. 30, 2020 | Jun. 30, 2020 | Oct. 15, 2019 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||
Reverse stock splits | 1:100 reverse stock splits | the Company effected a reverse stock split (the “Reverse Split”) of its issued and outstanding common stock (the “Equity Instrument”). As a result of the Reverse Split, each (100) units of Equity Instrument issued and outstanding prior to the Reverse Split were converted into one (1) unit of Equity Instrument. | 1:100 reverse stock splits | 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. | |||
Net loss | $ 404,344 | $ 108,782 | $ 530,827 | $ 275,892 | |||
Net cash provided by (used in) operating activities | 89,143 | $ 72,730 | 452,472 | 310,177 | |||
Accumulated deficit | $ 1,544,157 | $ 1,139,813 | $ 608,986 |
SCHEDULE OF EARNING PER SHARE (
SCHEDULE OF EARNING PER SHARE (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Net loss computation of basic and diluted net loss per common share: | ||||
Net loss attributable to common stockholders | $ (404,344) | $ (108,782) | $ (530,827) | $ (275,892) |
Basic and diluted net loss per share: | ||||
Basic and diluted net loss per common share | $ (0.04) | $ (0.01) | $ (0.05) | $ (0.06) |
Basic and diluted weighted average common shares outstanding | 10,228,696 | 9,890,075 | 9,935,412 | 4,615,160 |
SCHEDULE OF ANTIDILUTED SECURIT
SCHEDULE OF ANTIDILUTED SECURITIES OF EARNING PER SHARE (Details) - shares | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total anti-dilutive weighted average shares | 292,000,000 | 292,000,000 | 292,000,000 |
Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total anti-dilutive weighted average shares | 292,000,000 | 292,000,000 | 292,000,000 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||||
Cash equivalents | $ 0 | $ 0 | $ 0 | |
Inventory reserves | 0 | 0 | ||
Impairment loss of long-lived assets | $ 0 | $ 0 | $ 0 | $ 0 |
Income tax benefit likely, description | more than 50 percent | more than 50 percent | ||
Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives | 3 years | 3 years | ||
Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives | 5 years | 5 years |
SCHEDULE OF PREPAID DEPOSITS (D
SCHEDULE OF PREPAID DEPOSITS (Details) - USD ($) | Jun. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
Prepaid Deposits | |||
Prepaid rent | $ 6,759 | $ 6,759 | $ 5,759 |
Prepaid cards inventory | 77,900 | 77,900 | 49,313 |
Prepaid Business Identification Number | 209,547 | 180,847 | 100,000 |
Other | 5,000 | ||
Total | $ 294,206 | $ 270,506 | $ 155,072 |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 224,010 | $ 224,010 | $ 210,510 |
Less: Accumulated depreciation | (100,109) | (88,725) | (46,337) |
Total | $ 123,901 | $ 135,285 | 164,173 |
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, estimated useful lives | 5 years | 5 years | |
Property and equipment, gross | $ 121,019 | $ 121,019 | 112,519 |
Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, estimated useful lives | 3 years | 3 years | |
Property and equipment, gross | $ 5,500 | $ 5,500 | |
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, estimated useful lives | 5 years | 5 years | |
Property and equipment, gross | $ 97,991 | $ 97,991 | $ 97,991 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $ 11,384 | $ 10,525 | $ 42,388 | $ 38,836 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 22, 2020 | Dec. 22, 2020 | Dec. 01, 2020 | Sep. 30, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | ||||
Related Party Transaction [Line Items] | |||||||||||
Loans Payable | $ 53,332 | $ 56,458 | $ 68,670 | ||||||||
Number of shares of common stock, value | 172,500 | 179,000 | 680,000 | ||||||||
Compensation expense | $ 41,250 | $ 37,500 | $ 157,500 | $ 50,000 | |||||||
Preferred stock, shares issued | 292,000 | 292,000 | 292,000 | ||||||||
Preferred stock, shares outstanding | 292,000 | 292,000 | 292,000 | ||||||||
Series A Preferred Stock [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Preferred stock, shares issued | 292,000 | 292,000 | |||||||||
Preferred stock, shares outstanding | 292,000 | 292,000 | |||||||||
Common Stock [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Number of shares of common stock, shares | 49,286 | [1] | 89,500 | [2] | 870,600 | [2] | |||||
Number of shares of common stock, value | $ 49 | $ 90 | [2] | $ 871 | [2] | ||||||
Chief Executive Officer [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Loans Payable | 68,386 | 32,512 | 50,211 | ||||||||
Compensation payable | 248,750 | 207,500 | 50,000 | ||||||||
Related party payable | $ 317,136 | $ 240,012 | $ 100,211 | ||||||||
Chief Executive Officer [Member] | Series A Preferred Stock [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Number of shares of common stock, shares | 8,000,000 | ||||||||||
Preferred stock, shares issued | 8,000 | ||||||||||
Preferred stock, shares outstanding | 8,000 | ||||||||||
Chief Executive Officer [Member] | Employment Agreement [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Employee benefits and share-based compensation | $ 150,000 | ||||||||||
Annual increase in compensation, percentage | 10% | ||||||||||
Chief Executive Officer [Member] | Employment Agreement [Member] | Common Stock [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Number of shares of common stock, shares | 1,000,000 | 1,000,000 | |||||||||
Number of shares of common stock, value | $ 1,000 | $ 1,000 | |||||||||
[1]Common stock adjusted to reflect 1:100 reverse stock splits 1:100 reverse stock splits |
SCHEDULE OF LOAN PAYABLE (Detai
SCHEDULE OF LOAN PAYABLE (Details) - USD ($) | Jun. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
Debt Disclosure [Abstract] | |||
Loan payable | $ 53,332 | $ 56,458 | $ 68,670 |
Less: Current portion | (12,836) | (12,699) | (12,212) |
Loan Payable - Non-current portion | $ 40,496 | $ 43,759 | $ 56,458 |
SCHEDULE OF MATURITIES OF LOAN
SCHEDULE OF MATURITIES OF LOAN PAYMENTS (Details) - USD ($) | Jun. 30, 2022 | Mar. 31, 2022 |
Debt Disclosure [Abstract] | ||
2023 (Remainder) | $ 9,573 | |
2023 | 13,231 | $ 12,699 |
2024 | 13,762 | 13,231 |
2025 | 14,321 | 13,762 |
2026 | 2,445 | 14,321 |
Total | $ 53,332 | 56,458 |
2027 | $ 2,445 |
LOAN PAYABLE (Details Narrative
LOAN PAYABLE (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Jun. 16, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Loans payable | $ 53,332 | $ 56,458 | $ 68,670 | ||
Interest expenses | $ 557 | $ 681 | $ 2,520 | $ 2,455 | |
Financing Arrangement [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Loans payable | $ 78,491 | ||||
Debt term | 72 months | ||||
Debt interest rate | 3.99% | ||||
Debt monthly payment | $ 1,228 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Nov. 25, 2021 | Jan. 02, 2021 | Oct. 26, 2020 | Aug. 27, 2020 | Oct. 30, 2019 | Aug. 27, 2019 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Oct. 28, 2020 | Sep. 07, 2020 | |
Product Liability Contingency [Line Items] | ||||||||||||
Rent expenses | $ 20,337 | $ 17,337 | $ 73,348 | $ 38,591 | ||||||||
Lease expiration date | Apr. 30, 2020 | |||||||||||
Office Spacein Executive Suite [Member] | ||||||||||||
Product Liability Contingency [Line Items] | ||||||||||||
Rent expenses | $ 279 | $ 259 | $ 259 | 837 | 837 | 3,348 | 2,391 | |||||
Security deposit | $ 259 | |||||||||||
Principal Office [Member] | ||||||||||||
Product Liability Contingency [Line Items] | ||||||||||||
Rent expenses | $ 8,700 | 0 | 8,700 | |||||||||
Security deposit | $ 8,700 | |||||||||||
Principal Office [Member] | Operating Lease Agreement [Member] | ||||||||||||
Product Liability Contingency [Line Items] | ||||||||||||
Rent expenses | $ 6,500 | $ 5,500 | $ 19,500 | $ 16,500 | $ 70,000 | $ 27,500 | ||||||
Security deposit | $ 6,500 | $ 5,500 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||
Apr. 06, 2022 | Dec. 22, 2020 | Dec. 22, 2020 | Dec. 01, 2020 | Sep. 30, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2020 | Oct. 15, 2019 | Jun. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 30, 2021 | ||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
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 | |||||||||||||
Stock splits description | 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. | ||||||||||||||||
Number of shares issued for service, value | $ 250,000 | ||||||||||||||||
Sale of stock, description of transaction | Due to lack of marketability and trading volume of shares, the Company agreed to offer a 50% discount on the last sale price of the common stock at $2 per share | ||||||||||||||||
Sale price per share | $ 2 | $ 2 | |||||||||||||||
Common stock, shares issue | 10,278,861 | 10,278,861 | 9,979,575 | 9,890,075 | |||||||||||||
Common stock, shares outstanding | 10,278,861 | 10,278,861 | 9,979,575 | 9,890,075 | |||||||||||||
Preferred stock, shares issued | 292,000 | 292,000 | 292,000 | 292,000 | |||||||||||||
Preferred stock, shares outstanding | 292,000 | 292,000 | 292,000 | 292,000 | |||||||||||||
Reverse stock splits | the Company effected a reverse stock split (the “Reverse Split”) of its issued and outstanding common stock (the “Equity Instrument”). As a result of the Reverse Split, each (100) units of Equity Instrument issued and outstanding prior to the Reverse Split were converted into one (1) unit of Equity Instrument. | 1:100 reverse stock splits | 1:100 reverse stock splits | 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. | |||||||||||||
Number of shares of common stock, value | $ 172,500 | $ 179,000 | $ 680,000 | ||||||||||||||
Common Stock [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Number of shares issued for service | 250,000 | ||||||||||||||||
Number of shares issued for service, value | $ 250 | ||||||||||||||||
Number of shares of common stock | 49,286 | [1] | 89,500 | [2] | 870,600 | [2] | |||||||||||
Number of shares of common stock, value | $ 49 | $ 90 | [2] | $ 871 | [2] | ||||||||||||
Employment Agreement [Member] | Chief Executive Officer [Member] | Common Stock [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Number of shares of common stock | 1,000,000 | 1,000,000 | |||||||||||||||
Number of shares of common stock, value | $ 1,000 | $ 1,000 | |||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||||||
Preferred stock, shares issued | 292,000 | 292,000 | 292,000 | ||||||||||||||
Preferred stock, shares outstanding | 292,000 | 292,000 | 292,000 | ||||||||||||||
Conversion of stock, description | Each share of Series A Preferred Stock is convertible, at the option of the holder, into 1,000 shares of Common Stock | ||||||||||||||||
Conversion of stock, shares issued | 8,000,000 | ||||||||||||||||
Number of shares cancelled | 8,000 | ||||||||||||||||
Series A Preferred Stock [Member] | Chief Executive Officer [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Preferred stock, shares issued | 8,000 | 8,000 | |||||||||||||||
Preferred stock, shares outstanding | 8,000 | 8,000 | |||||||||||||||
Number of shares of common stock | 8,000,000 | ||||||||||||||||
Series A Convertible Preferred Stock [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |||||||||||||||
Preferred stock, shares issued | 292,000 | 292,000 | |||||||||||||||
Preferred stock, shares outstanding | 292,000 | 292,000 | |||||||||||||||
Conversion of stock, description | 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, description | 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 Company’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 | 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. | |||||||||||||||
Consultants [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Number of shares issued for service | 250,000 | ||||||||||||||||
Number of shares issued for service, value | $ 250,000 | ||||||||||||||||
Investors [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Proceeds from issuance of private placement | $ 172,500 | ||||||||||||||||
Investors [Member] | Private Placement [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Sale of stock, shares issued | 49,286 | ||||||||||||||||
Chief Executive Officer [Member] | Employment Agreement [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Annual compensation | $ 150,000 | ||||||||||||||||
Chief Executive Officer [Member] | Series A Preferred Stock [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Converted shares | 8,000 | ||||||||||||||||
Conversion of stock, shares issued | 8,000,000 | ||||||||||||||||
Investor [Member] | Common Stock [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Number of shares of common stock | 89,500 | 870,600 | |||||||||||||||
Number of shares of common stock, value | $ 179,000 | $ 680,000 | |||||||||||||||
Share price | $ 2 | $ 1 | $ 0.50 | ||||||||||||||
[1]Common stock adjusted to reflect 1:100 reverse stock splits 1:100 reverse stock splits |
SCHEDULE OF ANTIDILUTIVE SECURI
SCHEDULE OF ANTIDILUTIVE SECURITIES OF EARNING PER SHARE (Details) - shares | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total anti-dilutive weighted average shares | 292,000,000 | 292,000,000 | 292,000,000 |
Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total anti-dilutive weighted average shares | 292,000,000 | 292,000,000 | 292,000,000 |
SUMMARY OF INCOME TAX EXPENSE (
SUMMARY OF INCOME TAX EXPENSE (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Federal | $ (187,613) | $ (76,897) |
State | ||
Change in valuation allowance | 187,613 | 76,897 |
Income tax expense (benefit) |
SUMMARY OF RECONCILIATION OF PR
SUMMARY OF RECONCILIATION OF PROVISION FOR INCOME TAXES (Details) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Tax at statutory tax rate | 21% | 21% |
State taxes | ||
Other permanent items | ||
Valuation allowance | (21.00%) | (21.00%) |
Income tax expense |
SUMMARY OF TAX EFFECTS OF TEMPO
SUMMARY OF TAX EFFECTS OF TEMPORARY DIFFERENCES TO SIGNIFICANT PORTIONS OF DEFFERED TAX ASSETS AND LIABILITIES (Details) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carry forward | $ 187,613 | $ 76,897 |
Total gross deferred tax assets | 187,613 | 76,897 |
Less: valuation allowance | (187,613) | (76,897) |
Net deferred tax assets |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 2 Months Ended | 12 Months Ended | |||
Apr. 16, 2022 | Apr. 06, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | |
Subsequent Event [Line Items] | |||||
Net operating losses | $ 1,130,000 | $ 603,000 | |||
Deferred tax assets, valuation allowance | $ 187,613 | $ 76,897 | |||
Income tax examination, description | tax years 2021, 2020, and 2019 remain open for examination by the Internal Revenue Service and the Nevada Division of Revenue. | ||||
Consultants [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of shares issued for services | 250,000 | ||||
Investors [Member] | |||||
Subsequent Event [Line Items] | |||||
Proceeds from issuance of private placement | $ 172,500 | ||||
Investors [Member] | Private Placement [Member] | |||||
Subsequent Event [Line Items] | |||||
Sale of stock, shares issued | 49,286 | ||||
Subsequent Event [Member] | Consultants [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of shares issued for services | 250,000 | ||||
Subsequent Event [Member] | Investors [Member] | |||||
Subsequent Event [Line Items] | |||||
Proceeds from issuance of private placement | $ 172,500 | ||||
Subsequent Event [Member] | Investors [Member] | Private Placement [Member] | |||||
Subsequent Event [Line Items] | |||||
Sale of stock, shares issued | 49,286 |