Cover
Cover - shares | 3 Months Ended | |
Jun. 30, 2023 | Aug. 11, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 000-56060 | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity common stock, shares outstanding | 12,033,704 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 |
Current Assets | ||
Cash | $ 1,240,407 | $ 668,118 |
Inventory | 74,500 | 74,500 |
Prepaid deposits and other current assets | 6,759 | 7,048 |
Total Current Assets | 1,321,666 | 749,666 |
Property and equipment, net | 223,816 | 47,287 |
Software development | 285,893 | 145,892 |
Right-of-use asset | 109,721 | 48,401 |
Deposits | 4,392 | |
Total Assets | 1,945,488 | 991,246 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 69,157 | 79,543 |
Compensation payable to officer | 426,125 | 380,750 |
Lease liability - current maturity | 37,350 | 17,384 |
Total Current Liabilities | 558,397 | 503,442 |
Lease liability - net of current maturity | 67,078 | 24,862 |
Total Liabilities | 625,475 | 528,304 |
Commitments and Contingencies (See Note 7) | ||
Stockholders’ Equity | ||
Preferred stock, $0.001 par value; 25,000,000 shares authorized, 292,000 shares issued and outstanding at June 30, 2023 and March 31, 2023, respectively | 292 | 292 |
Common stock, $0.001 par value; 500,000,000 shares authorized, 12,033,704 shares and 10,336,004 shares issued and outstanding at June 30, 2023 and March 31, 2023, respectively | 12,034 | 10,336 |
Additional paid in capital | 3,889,228 | 2,093,226 |
Stock subscriptions received | 617,700 | |
Accumulated deficit | (2,581,541) | (2,258,612) |
Total Stockholders’ Equity | 1,320,013 | 462,942 |
Total Liabilities and Stockholders’ Equity | 1,945,488 | 991,246 |
Related Party [Member] | ||
Current Liabilities | ||
Related party payables | $ 25,765 | $ 25,765 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Mar. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 292,000 | 292,000 |
Preferred stock, shares outstanding | 292,000 | 292,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 12,033,704 | 10,336,004 |
Common stock, shares outstanding | 12,033,704 | 10,336,004 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||
Revenues | ||
Cost of sales | ||
Cost of sales - Inventory reserve | ||
Gross Profit (Loss) | ||
Operating Expenses | ||
Legal and filing fees | 2,709 | 17,251 |
Rent | 37,789 | 20,337 |
General and administrative | 283,007 | 365,332 |
Total Operating Expenses | 323,505 | 402,920 |
Loss from Operations | (323,505) | (402,920) |
Other Income (Expense) | ||
Interest income | 593 | |
Interest expense | (17) | (1,424) |
Total Other Income (Expense) | 576 | (1,424) |
Loss before Income Taxes | (322,929) | (404,344) |
Provision for Income Tax | ||
Net Loss | $ (322,929) | $ (404,344) |
Basic Net Loss Per Share | $ (0.03) | $ (0.04) |
Diluted Net Loss Per Share | $ (0.03) | $ (0.04) |
Weighted Average Number of Shares Outstanding - Basic | 11,392,159 | 10,228,696 |
Weighted Average Number of Shares Outstanding - Diluted | 11,392,159 | 10,228,696 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Subscriptions Received [Member] | Retained Earnings [Member] | Total |
Balance - March 31, 2022 at Mar. 31, 2022 | $ 292 | $ 9,980 | $ 1,221,082 | $ (1,139,813) | $ 91,541 | |
Balance, shares at Mar. 31, 2022 | 292,000 | 9,979,575 | ||||
Sale of common stock | $ 49 | 172,451 | 172,500 | |||
Sale of common stock, shares | 49,286 | |||||
Net loss | (404,344) | (404,344) | ||||
Issuance of common stock for services | $ 250 | 249,750 | 250,000 | |||
Issuance of common stock for services, shares | 250,000 | |||||
Balance - June 30, 2022 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 | ||||
Balance - March 31, 2022 at Mar. 31, 2023 | $ 292 | $ 10,336 | 2,093,226 | 617,700 | (2,258,612) | 462,942 |
Balance, shares at Mar. 31, 2023 | 292,000 | 10,336,004 | ||||
Sale of common stock | $ 1,698 | 1,796,002 | (617,700) | 1,180,000 | ||
Sale of common stock, shares | 1,697,700 | |||||
Net loss | (322,929) | (322,929) | ||||
Balance - June 30, 2022 at Jun. 30, 2023 | $ 292 | $ 12,034 | $ 3,889,228 | $ (2,581,541) | $ 1,320,013 | |
Balance, shares at Jun. 30, 2023 | 292,000 | 12,033,704 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash Flows From Operating Activities: | ||
Net loss | $ (322,929) | $ (404,344) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 18,026 | 11,384 |
Non-cash rent expense | 862 | |
Stock compensation expense | 250,000 | |
Changes in operating assets and liabilities: | ||
(Increase) decrease in prepaid deposits and other current assets | 289 | (23,700) |
(Increase) in security deposits | (4,392) | |
Increase (decrease) in accounts payable and accrued liabilities | (10,386) | 393 |
Increase in compensation payable to officer | 45,375 | |
Increase in related party payables | 77,124 | |
Net Cash Used In Operating Activities | (273,155) | (89,143) |
Cash Flows From Investing Activities: | ||
Cash paid for purchase of software development costs | (140,001) | |
Cash paid for purchase of property and equipment | (194,555) | |
Net Cash Used In Investing Activities | (334,556) | |
Cash Flows From Financing Activities: | ||
Cash proceeds from sale of common stock | 1,180,000 | 172,500 |
Cash paid for loan payable | (3,126) | |
Net Cash Provided By Financing Activities | 1,180,000 | 169,374 |
Net Increase in Cash | 572,289 | 80,231 |
Cash - Beginning of the Period | 668,118 | 41,318 |
Cash - End of the Period | 1,240,407 | 121,549 |
Supplemental Disclosures of Cash Flows | ||
Cash paid for interest | 3,510 | 1,424 |
Cash paid for income taxes | ||
Supplemental Disclosures of Non-Cash Investing and Financing Activities | ||
Sale of vehicle | ||
Present value of lease liability | $ 70,844 |
NATURE OF OPERATIONS, GOING CON
NATURE OF OPERATIONS, GOING CONCERN AND BASIS OF PRESENTATION | 3 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS, GOING CONCERN AND BASIS OF PRESENTATION | NOTE 1 – NATURE OF OPERATIONS, GOING CONCERN AND BASIS OF PRESENTATION General BlueOne Card, Inc. (the “Company”) was incorporated on July 6, 2007 under the laws of the state of Nevada. The Company provides innovative payout solutions and prepaid debit card and gift card solutions to consumers and corporations transforming card-to-card cross border real time global money transfers. Risk and Uncertainty Concerning COVID-19 Pandemic The global COVID-19 pandemic continues to present uncertainty and unforeseeable risks to the Company’s operations and business plan. The Company has closely monitored recent developments, including the lifting of COVID-19 safety measures, the spread of new strains or variants of the coronavirus (such as the Delta and Omicron variants), and supply chain and labor shortages. Thus, the full impact of the COVID-19 pandemic on the business and operations remains uncertain and will vary depending on the pandemic’s future impact on the third parties with whom the Company does business, as well as any legal or regulatory consequences resulting therefrom. The Company has been following the recommendations of health authorities to minimize exposure risk for its team members and may take further actions that alter our operations, including any required by federal, state or local authorities, or that it determines are in the best interests of its employees and other third parties with whom the Company does business. Going Concern The interim condensed financial statements have been prepared on a going concern basis which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. The Company has not yet generated any significant revenues and has suffered operating losses since July 6, 2007 (Inception Date) to date. The Company recorded a net loss of $ 322,929 273,155 2,581,541 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. 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 adjustments, necessary for a fair presentation of the Company’s results of operations, financial position and cash flows for the interim periods ended June 30, 2023 and 2022; 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. These unaudited condensed financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2023, filed with the SEC on July 14, 2023. 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. BLUEONE CARD, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS June 30, 2023 (Unaudited) |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 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 US GAAP in all material respects and have been consistently applied in preparing the accompanying financial statements. Use of Estimates The preparation of financial statements in conformity with US 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, liabilities, equity and operations. 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 its estimates that are not readily apparent from other sources. Significant estimates in the accompanying financial statements include the valuation of inventory, software development costs, lease liabilities and right-of-use assets, stock-based compensation and deferred tax assets. 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 Concentrations Cash Concentration Cash is maintained at one financial institution and at times, balances may exceed federally insured limits. We have not experienced any losses related to these balances. As of June 30, 2023, the Company had balances in a financial institution which exceeded federally insured limits by approximately $ 990,000 Significant Vendor and Concentration The Company relies solely on one vendor for key components and processing services related to the manufacturing, distribution and servicing of its prepaid debit cards and gift cards. The same vendor is also the sole developer and provider of the software for Company’s operations. Inventory Inventory of finished goods consists of plastic prepaid debit cards and gift cards and is valued at the lower of cost or net realizable value using the specific identification method. The reported net value of inventory includes saleable prepaid debit cards and gift cards that will be sold or used in future periods. The Company reserves for obsolete and slow-moving inventory. At June 30, 2023 and March 31, 2023, the Company had a reserve of $ 26,385 26,385 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 BLUEONE CARD, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS June 30, 2023 (Unaudited) Software Development Costs Costs incurred to develop internal-use software during the preliminary project stage are expensed as incurred. Internal-use software development costs are capitalized during the application development stage, which is after: (i) the preliminary project stage is completed; and (ii) management authorizes and commits to funding the project and it is probable the project will be completed and used to perform the function intended. Capitalization ceases at the point the software project is substantially complete and ready for its intended use, and after all substantial testing is completed. Upgrades and enhancements are capitalized if it is probable that those expenditures will result in additional functionality. Amortization is provided for on a straight-line basis over the expected useful life of five years The Company conducts a qualitative assessment of internal-use software impairment using the guidelines of ASC 350-40-35-1 Internal-Use Software Long-lived Assets In accordance with Accounting Standards Codification (“ASC”) ASC 360, “ Property, Plant, and Equipment No 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 considers it to be, or contain, a lease. The Company accounts for its vehicle leases under ASC 842, Leases. In calculating the right of use asset and lease liability, the Company elects to combine lease and non-lease components as permitted under ASC 842. The Company excludes short-term leases having initial terms of 12 months or less from the new guidance as an accounting policy election and recognizes rent expense on a straight-line basis over the lease term. BLUEONE CARD, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS June 30, 2023 (Unaudited) 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 assets, accounts payable and accrued liabilities, related party payable, and lease payable. 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 from card sales when the product is deemed delivered to the customer, and the ownership/control is transferred. The Company will recognize revenue from card service fees and card transactions once the service or transaction is completed, respectively. 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. Research and Development Costs Costs incurred for research and development are expensed as incurred. The salaries, benefits, and overhead costs of personnel conducting research and development of the Company’s products comprise research and development expenses. Purchased materials that do not have an alternative future use are also expensed. The Company recorded research and development costs of $ 0 2,240 Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “ Income Taxes” BLUEONE CARD, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS June 30, 2023 (Unaudited) The Company follows the provisions of ASC 740-10, “ Accounting for Uncertain Income Tax Positions 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 2023 2022 For the Three Months Ended June 30, 2023 2022 Net loss computation of basic and diluted net loss per common share: Net loss attributable to common stockholders $ (322,929 ) $ (404,344 ) Basic and diluted net loss per share: Basic and diluted net loss per common share $ (0.03 ) $ (0.04 ) Basic and diluted weighted average common shares outstanding 11,392,159 10,228,696 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, 2023 and 2022, respectively, (in common equivalent shares): SCHEDULE OF ANTI-DILUTIVE SECURITIES OF EARNING PER SHARE June 30, 2023 June 30, 2022 Preferred stock 292,000,000 292,000,000 Total anti-dilutive weighted average shares 292,000,000 292,000,000 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 BLUEONE CARD, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS June 30, 2023 (Unaudited) |
INVENTORY
INVENTORY | 3 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORY | NOTE 3 – INVENTORY Inventory of prepaid debit cards and gift cards consisted of the following: SCHEDULE OF INVENTORY OF PREPAID DEBIT CARDS AND GIFT CARDS June 30, 2023 March 31, 2023 Prepaid cards inventory $ 100,885 $ 100,885 Less: reserve to reduce to net realizable value (26,385 ) (26,385 ) Total $ 74,500 $ 74,500 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 3 Months Ended |
Jun. 30, 2023 | |
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, 2023 March 31, 2023 Furniture and fixtures 5 years $ 155,284 $ 120,519 Leasehold Improvements 3.2 159,790 - Office equipment 3 years 5,500 5,500 Property and equipment, gross 320,574 126,019 Less: Accumulated depreciation (96,758 ) (78,732 ) Total $ 223,816 $ 47,287 Depreciation and amortization expense amounted to $ 18,026 11,384 |
SOFTWARE DEVELOPMENT COSTS
SOFTWARE DEVELOPMENT COSTS | 3 Months Ended |
Jun. 30, 2023 | |
Research and Development [Abstract] | |
SOFTWARE DEVELOPMENT COSTS | NOTE 5 – SOFTWARE DEVELOPMENT COSTS For the year ended March 31, 2023, the Company capitalized costs of $ 145,892 140,001 SCHEDULE OF SOFTWARE DEVELOPMENT COSTS June 30, 2023 March 31, 2023 Software development cost $ 285,893 $ $145,892 Less: Accumulated amortization - - Total $ 285,893 $ 145,892 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 6 – 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 totaling $ 25,765 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 45,375 41,250 426,125 380,750 BLUEONE CARD, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS June 30, 2023 (Unaudited) |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 7 – COMMITMENTS AND CONTINGENCIES Vehicle On July 12, 2022, the Company executed a non-cancellable operating lease for a vehicle with the lease commencing on July 12, 2022 for a three-year term. The Company paid $ 10,000 1,793 8,207 6,063 July 11, 2025 Supplemental balance sheet information related to the lease is as follows as of June 30, 2023: SCHEDULE OF SUPPLEMENTAL INFORMATION UNDER OPERATING LEASE Operating Lease Right-of-use asset, net $ 43,564 Current lease liabilities $ 17,911 Non-current lease liabilities 20,182 Total operating lease liabilities $ 38,093 Weighted average remaining lease term (years) 1.92 Weighted average discount rate per annum 12 % As the lease do not provide an implicit rate, the Company used an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payment, which is reflective of the specific term of the lease. Anticipated future costs are as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER OPERATING LEASES For the years ending Vehicle Lease March 31, 2024 (remaining) $ 16,138 March 31, 2025 21,518 March 31, 2026 5,380 Total lease payments 43,036 Less: imputed interest (4,943 ) Present value of lease liabilities $ 38,093 Office Lease – J Plaza On April 13, 2023, the Company executed a non-cancellable office space in a retail shopping center, for a monthly base rent of $ 2,196 1,531 The lease term extends for a term of three years and two months. The rent is payable on the first day of each month, commencing either (1) opening of the business after tenant improvements, or (2) sixty days after the lease execution date. 8,119 4,392 6,767 Supplemental balance sheet information related to the lease is as follows as of June 30, 2023: SCHEDULE OF SUPPLEMENTAL INFORMATION UNDER OPERATING LEASE Operating Lease Right-of-use asset, net $ 66,157 Current lease liabilities $ 19,440 Non-current lease liabilities 46,896 Total operating lease liabilities $ 66,336 Weighted average remaining lease term (years) 2.92 Weighted average discount rate per annum 12 % As the lease do not provide an implicit rate, the Company used an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payment, which is reflective of the specific term of the lease. BLUEONE CARD, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS June 30, 2023 (Unaudited) Anticipated future costs are as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER OPERATING LEASES For the years ending Vehicle Lease March 31, 2024 (remaining) $ 19,765 March 31, 2025 26,947 March 31, 2026 27,755 March 31, 2027 4,660 Total lease payments 79,127 Less: imputed interest (12,791 ) Present value of lease liabilities $ 66,336 Office Leases - Others 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 $ 259 259 279 289 867 837 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 19,500 The Company has recorded total rent expense of $ 37,789 20,337 The Company has considered the provisions of ASC 842 Topic 842 “Leases” Employment Agreement On December 1, 2020, the Company entered into an Employment Agreement (the “Agreement”) with its President, CEO, Secretary, and Chairman (the “Officer”). The initial term of the Agreement is for three years and, if written notice is not provided within 90 days of the termination of each term, the term is automatically extended for an additional one-year term. The Agreement may be terminated by either party upon 90 days’ prior written notice. Whether the Agreement is terminated without “Cause,” for “Good Reason,” or for “Cause,” as defined in the Agreement, determines what compensation is owed and when. There is also a 30-day cure period for any termination for “Cause,” as defined in the Agreement. The Agreement contains confidentiality, non-compete, and non-solicitation provisions. Pursuant to the terms of Agreement, Mr. Koh is entitled to bonuses, reimbursement of expenses, a vehicle allowance, four weeks of paid vacation, and other incentives. The Agreement does provide for payments to be made as a result of any “Change in Control,” as defined in the agreement. As a bonus for entering into the agreement, the Company issued 1,000,000 150,000 10 Service Agreement with EndlessOne Global Inc. (“E1G”) The Company entered into a Service Agreement with E1G on September 1, 2020 whereby, E1G provided data processing, transaction processing and related services for its cardholders, mobile apps, website’s back office and integration services with sponsoring banks and processors. The Service Agreement required a one-time fee of $ 250,000 285,893 145,892 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, 2023. BLUEONE CARD, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS June 30, 2023 (Unaudited) |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 3 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 8 – STOCKHOLDERS’ EQUITY The Company’s capitalization at June 30, 2023 and March 31, 2023 was 500,000,000 0.001 25,000,000 0.001 Common Stock The Company had received from three investors cash proceeds of $ 617,700 617,700 During the three months ended June 30, 2023, the Company sold 1,080,000 1.00 2.00 1,180,000 As a result of all common stock issuances, the total issued and outstanding shares of common stock were 12,033,704 10,336,004 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 €(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 2022 Stock Incentive Plan On March 11, 2022, the Board of Directors adopted the 2022 Stock Incentive Plan (the “ 2022 Plan The 2022 Plan is administered by our board of directors; however, the board of directors may designate administration of the 2022 Plan to a committee consisting of at least two independent directors. Awards may be made under the 2022 Plan for up to 5,000,000 No option awards may be exercisable more than ten years after the date it is granted. In the event of termination of employment for cause, the options terminate on the date of employment is terminated. In the event of termination of employment for disability or death, the optionee or administrator of optionee’s estate or transferee has six months following the date of termination to exercise options received at the time of disability or death. In the event of termination for any other reason other than for cause, disability or death, the optionee has 30 days to exercise his or her options. The 2022 Plan will continue in effect until all the stock available for grant or issuance has been acquired through exercise of options or grants of shares, or until ten years after its adoption, whichever is earlier. Awards under the 2022 Plan may also be accelerated in the event of certain corporate transactions such as a merger or consolidation or the sale, transfer or other disposition of all or substantially all our assets. As of June 30, 2023 and March 31, 2023, the Board had awarded to consultants 250,000 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with US 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, liabilities, equity and operations. 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 its estimates that are not readily apparent from other sources. Significant estimates in the accompanying financial statements include the valuation of inventory, software development costs, lease liabilities and right-of-use assets, stock-based compensation and deferred tax assets. 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 |
Concentrations | Concentrations Cash Concentration Cash is maintained at one financial institution and at times, balances may exceed federally insured limits. We have not experienced any losses related to these balances. As of June 30, 2023, the Company had balances in a financial institution which exceeded federally insured limits by approximately $ 990,000 Significant Vendor and Concentration The Company relies solely on one vendor for key components and processing services related to the manufacturing, distribution and servicing of its prepaid debit cards and gift cards. The same vendor is also the sole developer and provider of the software for Company’s operations. |
Inventory | Inventory Inventory of finished goods consists of plastic prepaid debit cards and gift cards and is valued at the lower of cost or net realizable value using the specific identification method. The reported net value of inventory includes saleable prepaid debit cards and gift cards that will be sold or used in future periods. The Company reserves for obsolete and slow-moving inventory. At June 30, 2023 and March 31, 2023, the Company had a reserve of $ 26,385 26,385 |
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 BLUEONE CARD, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS June 30, 2023 (Unaudited) |
Software Development Costs | Software Development Costs Costs incurred to develop internal-use software during the preliminary project stage are expensed as incurred. Internal-use software development costs are capitalized during the application development stage, which is after: (i) the preliminary project stage is completed; and (ii) management authorizes and commits to funding the project and it is probable the project will be completed and used to perform the function intended. Capitalization ceases at the point the software project is substantially complete and ready for its intended use, and after all substantial testing is completed. Upgrades and enhancements are capitalized if it is probable that those expenditures will result in additional functionality. Amortization is provided for on a straight-line basis over the expected useful life of five years The Company conducts a qualitative assessment of internal-use software impairment using the guidelines of ASC 350-40-35-1 Internal-Use Software |
Long-lived Assets | Long-lived Assets In accordance with Accounting Standards Codification (“ASC”) ASC 360, “ Property, Plant, and Equipment No |
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 considers it to be, or contain, a lease. The Company accounts for its vehicle leases under ASC 842, Leases. In calculating the right of use asset and lease liability, the Company elects to combine lease and non-lease components as permitted under ASC 842. The Company excludes short-term leases having initial terms of 12 months or less from the new guidance as an accounting policy election and recognizes rent expense on a straight-line basis over the lease term. BLUEONE CARD, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS June 30, 2023 (Unaudited) |
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 assets, accounts payable and accrued liabilities, related party payable, and lease payable. 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 from card sales when the product is deemed delivered to the customer, and the ownership/control is transferred. The Company will recognize revenue from card service fees and card transactions once the service or transaction is completed, respectively. 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. |
Research and Development Costs | Research and Development Costs Costs incurred for research and development are expensed as incurred. The salaries, benefits, and overhead costs of personnel conducting research and development of the Company’s products comprise research and development expenses. Purchased materials that do not have an alternative future use are also expensed. The Company recorded research and development costs of $ 0 2,240 |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “ Income Taxes” BLUEONE CARD, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS June 30, 2023 (Unaudited) The Company follows the provisions of ASC 740-10, “ Accounting for Uncertain Income Tax Positions |
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 2023 2022 For the Three Months Ended June 30, 2023 2022 Net loss computation of basic and diluted net loss per common share: Net loss attributable to common stockholders $ (322,929 ) $ (404,344 ) Basic and diluted net loss per share: Basic and diluted net loss per common share $ (0.03 ) $ (0.04 ) Basic and diluted weighted average common shares outstanding 11,392,159 10,228,696 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, 2023 and 2022, respectively, (in common equivalent shares): SCHEDULE OF ANTI-DILUTIVE SECURITIES OF EARNING PER SHARE June 30, 2023 June 30, 2022 Preferred stock 292,000,000 292,000,000 Total anti-dilutive weighted average shares 292,000,000 292,000,000 |
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 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
SCHEDULE OF EARNING PER SHARE | SCHEDULE OF EARNING PER SHARE 2023 2022 For the Three Months Ended June 30, 2023 2022 Net loss computation of basic and diluted net loss per common share: Net loss attributable to common stockholders $ (322,929 ) $ (404,344 ) Basic and diluted net loss per share: Basic and diluted net loss per common share $ (0.03 ) $ (0.04 ) Basic and diluted weighted average common shares outstanding 11,392,159 10,228,696 |
SCHEDULE OF ANTI-DILUTIVE 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, 2023 and 2022, respectively, (in common equivalent shares): SCHEDULE OF ANTI-DILUTIVE SECURITIES OF EARNING PER SHARE June 30, 2023 June 30, 2022 Preferred stock 292,000,000 292,000,000 Total anti-dilutive weighted average shares 292,000,000 292,000,000 |
INVENTORY (Tables)
INVENTORY (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
SCHEDULE OF INVENTORY OF PREPAID DEBIT CARDS AND GIFT CARDS | Inventory of prepaid debit cards and gift cards consisted of the following: SCHEDULE OF INVENTORY OF PREPAID DEBIT CARDS AND GIFT CARDS June 30, 2023 March 31, 2023 Prepaid cards inventory $ 100,885 $ 100,885 Less: reserve to reduce to net realizable value (26,385 ) (26,385 ) Total $ 74,500 $ 74,500 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY AND EQUIPMENT | SCHEDULE OF PROPERTY AND EQUIPMENT Estimated Life June 30, 2023 March 31, 2023 Furniture and fixtures 5 years $ 155,284 $ 120,519 Leasehold Improvements 3.2 159,790 - Office equipment 3 years 5,500 5,500 Property and equipment, gross 320,574 126,019 Less: Accumulated depreciation (96,758 ) (78,732 ) Total $ 223,816 $ 47,287 |
SOFTWARE DEVELOPMENT COSTS (Tab
SOFTWARE DEVELOPMENT COSTS (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Research and Development [Abstract] | |
SCHEDULE OF SOFTWARE DEVELOPMENT COSTS | SCHEDULE OF SOFTWARE DEVELOPMENT COSTS June 30, 2023 March 31, 2023 Software development cost $ 285,893 $ $145,892 Less: Accumulated amortization - - Total $ 285,893 $ 145,892 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Vehicle [Member] | |
Lessee, Lease, Description [Line Items] | |
SCHEDULE OF SUPPLEMENTAL INFORMATION UNDER OPERATING LEASE | Supplemental balance sheet information related to the lease is as follows as of June 30, 2023: SCHEDULE OF SUPPLEMENTAL INFORMATION UNDER OPERATING LEASE Operating Lease Right-of-use asset, net $ 43,564 Current lease liabilities $ 17,911 Non-current lease liabilities 20,182 Total operating lease liabilities $ 38,093 Weighted average remaining lease term (years) 1.92 Weighted average discount rate per annum 12 % |
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER OPERATING LEASES | Anticipated future costs are as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER OPERATING LEASES For the years ending Vehicle Lease March 31, 2024 (remaining) $ 16,138 March 31, 2025 21,518 March 31, 2026 5,380 Total lease payments 43,036 Less: imputed interest (4,943 ) Present value of lease liabilities $ 38,093 |
Office Lease [Member] | |
Lessee, Lease, Description [Line Items] | |
SCHEDULE OF SUPPLEMENTAL INFORMATION UNDER OPERATING LEASE | Supplemental balance sheet information related to the lease is as follows as of June 30, 2023: SCHEDULE OF SUPPLEMENTAL INFORMATION UNDER OPERATING LEASE Operating Lease Right-of-use asset, net $ 66,157 Current lease liabilities $ 19,440 Non-current lease liabilities 46,896 Total operating lease liabilities $ 66,336 Weighted average remaining lease term (years) 2.92 Weighted average discount rate per annum 12 % |
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER OPERATING LEASES | Anticipated future costs are as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER OPERATING LEASES For the years ending Vehicle Lease March 31, 2024 (remaining) $ 19,765 March 31, 2025 26,947 March 31, 2026 27,755 March 31, 2027 4,660 Total lease payments 79,127 Less: imputed interest (12,791 ) Present value of lease liabilities $ 66,336 |
NATURE OF OPERATIONS, GOING C_2
NATURE OF OPERATIONS, GOING CONCERN AND BASIS OF PRESENTATION (Details Narrative) - USD ($) | 3 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net income loss | $ 322,929 | $ 404,344 | |
Net cash provided by (used in) operating activities | 273,155 | $ 89,143 | |
Accumulated deficit | $ 2,581,541 | $ 2,258,612 |
SCHEDULE OF EARNING PER SHARE (
SCHEDULE OF EARNING PER SHARE (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Accounting Policies [Abstract] | ||
Net loss attributable to common stockholders | $ (322,929) | $ (404,344) |
Basic net loss per share | $ (0.03) | $ (0.04) |
Diluted net loss per share | $ (0.03) | $ (0.04) |
Basic weighted average common shares outstanding | 11,392,159 | 10,228,696 |
Diluted weighted average common shares outstanding | 11,392,159 | 10,228,696 |
SCHEDULE OF ANTI-DILUTIVE SECUR
SCHEDULE OF ANTI-DILUTIVE SECURITIES OF EARNING PER SHARE (Details) - shares | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total anti-dilutive weighted average shares | 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 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | |
Property, Plant and Equipment [Line Items] | |||
Cash | $ 0 | $ 0 | |
Cash, FDIC insured amount | 990,000 | ||
Inventory reserves | $ 26,385 | $ 26,385 | |
Expected useful life of internal-use software development costs | 5 years | ||
Impairment loss of long-lived assets | $ 0 | $ 0 | |
Research and development costs | $ 0 | $ 2,240 | |
Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 3 years | ||
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 5 years |
SCHEDULE OF INVENTORY OF PREPAI
SCHEDULE OF INVENTORY OF PREPAID DEBIT CARDS AND GIFT CARDS (Details) - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Prepaid cards inventory | $ 100,885 | $ 100,885 |
Less: reserve to reduce to net realizable value | (26,385) | (26,385) |
Total | $ 74,500 | $ 74,500 |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 320,574 | $ 126,019 |
Less: Accumulated depreciation | (96,758) | (78,732) |
Total | $ 223,816 | 47,287 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 5 years | |
Property and equipment, gross | $ 155,284 | 120,519 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 3 years 2 months 12 days | |
Property and equipment, gross | $ 159,790 | |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 3 years | |
Property and equipment, gross | $ 5,500 | $ 5,500 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 18,026 | $ 11,384 |
SCHEDULE OF SOFTWARE DEVELOPMEN
SCHEDULE OF SOFTWARE DEVELOPMENT COSTS (Details) - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 |
Research and Development [Abstract] | ||
Software development cost | $ 285,893 | $ 145,892 |
Less: Accumulated amortization | ||
Total | $ 285,893 | $ 145,892 |
SOFTWARE DEVELOPMENT COSTS (Det
SOFTWARE DEVELOPMENT COSTS (Details Narrative) - USD ($) | 3 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | |
Research and Development [Abstract] | |||
Capitalized costs of computer software | $ 285,893 | $ 145,892 | |
Payments to Develop Software | $ 140,001 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | |||
Dec. 01, 2020 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||||
Compensation expenses | $ 45,375 | $ 41,250 | ||
Compensation payable | 426,125 | $ 380,750 | ||
Chief Executive Officer [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||||
Loans payable | 25,765 | 25,765 | ||
Compensation payable | $ 426,125 | $ 380,750 | ||
Chief Executive Officer [Member] | Employment Agreement [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||||
Employee benefits and share based compensation | $ 150,000 | |||
Debt Interest rate | 10% |
SCHEDULE OF SUPPLEMENTAL INFORM
SCHEDULE OF SUPPLEMENTAL INFORMATION UNDER OPERATING LEASE (Details) - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 |
Lessee, Lease, Description [Line Items] | ||
Right-of-use asset, net | $ 109,721 | $ 48,401 |
Current lease liabilities | 37,350 | 17,384 |
Non-current lease liabilities | 67,078 | $ 24,862 |
Vehicle [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Right-of-use asset, net | 43,564 | |
Current lease liabilities | 17,911 | |
Non-current lease liabilities | 20,182 | |
Total operating lease liabilities | $ 38,093 | |
Weighted average remaining lease term (years) | 1 year 11 months 1 day | |
Weighted average discount rate | 12% | |
Office Lease [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Right-of-use asset, net | $ 66,157 | |
Current lease liabilities | 19,440 | |
Non-current lease liabilities | 46,896 | |
Total operating lease liabilities | $ 66,336 | |
Weighted average remaining lease term (years) | 2 years 11 months 1 day | |
Weighted average discount rate | 12% |
SCHEDULE OF FUTURE MINIMUM LEAS
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER OPERATING LEASES (Details) | Jun. 30, 2023 USD ($) |
Vehicle [Member] | |
Lessee, Lease, Description [Line Items] | |
March 31, 2024 (remaining) | $ 16,138 |
March 31, 2025 | 21,518 |
March 31, 2026 | 5,380 |
Total lease payments | 43,036 |
Less: imputed interest | (4,943) |
Present value of lease liabilities | 38,093 |
Office Lease [Member] | |
Lessee, Lease, Description [Line Items] | |
March 31, 2024 (remaining) | 19,765 |
March 31, 2025 | 26,947 |
March 31, 2026 | 27,755 |
Total lease payments | 79,127 |
Less: imputed interest | (12,791) |
Present value of lease liabilities | 66,336 |
March 31, 2027 | $ 4,660 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Jun. 30, 2023 | Apr. 13, 2023 | Mar. 31, 2023 | Oct. 09, 2022 | Jul. 12, 2022 | Dec. 01, 2020 | Oct. 26, 2020 | Sep. 01, 2020 | Aug. 27, 2020 | Jun. 30, 2023 | Jun. 30, 2022 | Jan. 01, 2021 | Nov. 25, 2021 | Oct. 28, 2020 | Sep. 07, 2020 | |
Product Liability Contingency [Line Items] | |||||||||||||||
Rental expense | $ 37,789 | $ 20,337 | |||||||||||||
Lease expiration | Jul. 11, 2025 | ||||||||||||||
Rent expenses | $ 37,789 | 20,337 | |||||||||||||
Officers compensation | 45,375 | 41,250 | |||||||||||||
One time fee | 2,709 | 17,251 | |||||||||||||
Payment for software development | $ 140,001 | ||||||||||||||
Common Stock [Member] | |||||||||||||||
Product Liability Contingency [Line Items] | |||||||||||||||
Common stock issued | 1,697,700 | 49,286 | |||||||||||||
Operating Lease Agreement [Member] | |||||||||||||||
Product Liability Contingency [Line Items] | |||||||||||||||
Rent expenses | $ 5,500 | $ 19,500 | $ 19,500 | ||||||||||||
Security deposit | $ 6,500 | $ 5,500 | |||||||||||||
Employment Agreement [Member] | Officer [Member] | |||||||||||||||
Product Liability Contingency [Line Items] | |||||||||||||||
Officers compensation | $ 150,000 | ||||||||||||||
Compensation increase percentage | 10% | ||||||||||||||
Employment Agreement [Member] | Officer [Member] | Common Stock [Member] | |||||||||||||||
Product Liability Contingency [Line Items] | |||||||||||||||
Common stock issued | 1,000,000 | ||||||||||||||
Service Agreements [Member] | Endless One Global Inc [Member] | |||||||||||||||
Product Liability Contingency [Line Items] | |||||||||||||||
One time fee | $ 250,000 | ||||||||||||||
Payment for software development | $ 285,893 | $ 145,892 | |||||||||||||
Office Spacein Executive Suite [Member] | |||||||||||||||
Product Liability Contingency [Line Items] | |||||||||||||||
Rent expenses | $ 289 | $ 259 | 867 | $ 837 | $ 279 | ||||||||||
Security deposit | $ 259 | ||||||||||||||
One Month Rent [Member] | |||||||||||||||
Product Liability Contingency [Line Items] | |||||||||||||||
Rent expenses | $ 8,119 | ||||||||||||||
Two Month Rent [Member] | |||||||||||||||
Product Liability Contingency [Line Items] | |||||||||||||||
Security deposit | 4,392 | ||||||||||||||
Vehicle [Member] | |||||||||||||||
Product Liability Contingency [Line Items] | |||||||||||||||
Lease payments | $ 10,000 | ||||||||||||||
Lease cost | 8,207 | ||||||||||||||
Rental expense | 6,063 | ||||||||||||||
Vehicle [Member] | First Month Payment [Member] | |||||||||||||||
Product Liability Contingency [Line Items] | |||||||||||||||
Lease payments | $ 1,793 | ||||||||||||||
Office Lease [Member] | |||||||||||||||
Product Liability Contingency [Line Items] | |||||||||||||||
Rental expense | $ 6,767 | ||||||||||||||
Rent expenses | 2,196 | ||||||||||||||
Maintenance charges | $ 1,531 | ||||||||||||||
Lease description | The lease term extends for a term of three years and two months. The rent is payable on the first day of each month, commencing either (1) opening of the business after tenant improvements, or (2) sixty days after the lease execution date. |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 3 Months Ended | ||||
Mar. 11, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Apr. 28, 2023 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | |||
Common stock, par value | $ 0.001 | $ 0.001 | |||
Preferred stock, shares authorized | 25,000,000 | 25,000,000 | |||
Preferred stock, par value | $ 0.001 | $ 0.001 | |||
Proceeds from stock | $ 617,700 | ||||
Number of shares of common stock, value | $ 1,180,000 | $ 172,500 | |||
Common stock, shares outstanding | 12,033,704 | 10,336,004 | |||
Preferred stock, shares issued | 292,000 | 292,000 | |||
Preferred stock, shares outstanding | 292,000 | 292,000 | |||
Liquidation preference, per share | $ 0.001 | ||||
2022 Stock Incentive Plan [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Number of shares of common stock | 5,000,000 | ||||
Series A Convertible Preferred Stock [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [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 Preferred Stock is convertible, at the option of the holder, into 1,000 shares of 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 | ||||
Common Stock [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Number of shares of common stock | 1,697,700 | 49,286 | |||
Number of shares of common stock, value | $ 1,698 | $ 49 | |||
Investor [Member] | Common Stock [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Proceeds from stock | $ 617,700 | ||||
Number of shares of common stock | 1,080,000 | ||||
Number of shares of common stock, value | $ 1,180,000 | ||||
Investor [Member] | Common Stock [Member] | Minimum [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Share price | $ 1 | ||||
Investor [Member] | Common Stock [Member] | Maximum [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Share price | $ 2 | ||||
Three Investor [Member] | Common Stock [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Proceeds from stock | $ 617,700 | ||||
Consultants [Member] | 2022 Stock Incentive Plan [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Number of option awarded shares | 250,000 | 250,000 |