Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2020 | Aug. 14, 2020 | |
Details | ||
Registrant CIK | 0001560905 | |
Fiscal Year End | --03-31 | |
Registrant Name | TORtec Group Corp | |
SEC Form | 10-Q | |
Period End date | Jun. 30, 2020 | |
Tax Identification Number (TIN) | 45-5593622 | |
Number of common stock shares outstanding | 100,074,854 | |
Filer Category | Non-accelerated Filer | |
Current with reporting | Yes | |
Interactive Data Current | Yes | |
Shell Company | false | |
Small Business | true | |
Emerging Growth Company | true | |
Ex Transition Period | false | |
Entity File Number | 000-55150 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 30 N. Gould St. Suite 2489 | |
Entity Address, City or Town | Sheridan | |
Entity Address, State or Province | WY | |
Entity Address, Postal Zip Code | 82801 | |
City Area Code | 307 | |
Local Phone Number | 248-9177 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2020 | Mar. 31, 2020 |
Current Assets | ||
Cash | $ 29,293 | $ 1,043 |
Subscriptions receivable | 0 | 165,000 |
Note receivable, net of allowance of $155,000 and $155,000, respectively | 0 | 0 |
Other current assets | 0 | 0 |
Total Current Assets | 29,293 | 166,043 |
Construction in progress | 367,643 | 291,346 |
License | 35,051 | 35,051 |
Deposit | 3,000 | 3,000 |
Total Assets | 434,987 | 495,440 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 4,985 | 2,306 |
Short term advances - related parties | 288,690 | 288,690 |
Discontinued operations | 2,387 | 2,387 |
Total Current Liabilities | 296,062 | 293,383 |
Total Liabilities | 293,383 | 293,383 |
Commitments and contingencies (Note 5) | 0 | 0 |
Shareholders' Equity | ||
Preferred Stock - $0.001 par value; 10,000,000 shares authorized; none outstanding | 0 | 0 |
Common stock - $0.001 par value; 200,000,000 shares authorized; 100,074,854 and 100,074,854 shares issued and outstanding, respectively | 100,075 | 100,075 |
Additional paid-in capital | 6,881,516 | 6,881,516 |
Noncontrolling interest | (176,806) | (155,979) |
Accumulated deficit | (6,665,860) | (6,623,555) |
Total Shareholders' Equity | 138,925 | 202,057 |
Total Liabilities and Shareholders' Equity | $ 434,987 | $ 495,440 |
CONSOLIDATED BALANCE SHEETS - P
CONSOLIDATED BALANCE SHEETS - Parenthetical - USD ($) | Jun. 30, 2020 | Mar. 31, 2020 |
Details | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 155,000 | $ 155,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares, Issued | 100,074,854 | 100,074,854 |
Common Stock, Shares, Outstanding | 100,074,854 | 100,074,854 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Details | ||
Sales | $ 0 | $ 0 |
Total Sales | 0 | 0 |
Operating Expenses | ||
Research and development | 26,359 | 4,242 |
General and administrative | 36,773 | 29,029 |
Total Operating Expenses | 63,132 | 33,271 |
Operating Loss | (63,132) | (33,271) |
Interest expense | 0 | 0 |
Loss before loss from discontinued operations | (63,132) | (33,271) |
Discontinued operations | 0 | 0 |
Net loss | (63,132) | (33,271) |
Non-controlling loss | 20,827 | 0 |
Net loss attributable to TORtec Group Corporation | $ (42,305) | $ (33,271) |
Basic and Diluted Loss per Share - Continuing Operations | $ 0 | $ 0 |
Basic and Diluted Loss per Share - Discontinued Operations | 0 | 0 |
Basic and Diluted Loss per Share - Net Loss | $ 0 | $ 0 |
Basic and Diluted Weighted-Average Common Shares Outstanding | 100,074,854 | 100,000,000 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity (Deficit) - USD ($) | Common Stock | Additional Paid-in Capital | Noncontrolling Interest | Retained Earnings | Total |
Net loss | $ 0 | $ 0 | $ 0 | $ (33,271) | $ (33,271) |
Shares, Outstanding, Beginning Balance at Mar. 31, 2019 | 100,000,000 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Mar. 31, 2019 | $ 100,000 | 5,977,077 | 0 | (5,828,535) | 248,542 |
Net loss | (33,271) | ||||
Shares, Outstanding, Ending Balance at Jun. 30, 2019 | 100,000,000 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Jun. 30, 2019 | $ 100,000 | 5,977,077 | 0 | (5,861,806) | 215,271 |
Net loss | (63,132) | ||||
Shares, Outstanding, Beginning Balance at Mar. 31, 2020 | 100,074,854 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Mar. 31, 2020 | $ 100,075 | 6,881,516 | (155,979) | (6,623,555) | 202,057 |
Non-controling interest on sale of subsidiary shares | 0 | 0 | (20,827) | 0 | (20,827) |
Net loss | $ 0 | 0 | (42,305) | (42,305) | |
Shares, Outstanding, Ending Balance at Jun. 30, 2020 | 100,074,854 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Jun. 30, 2020 | $ 100,075 | $ 6,881,516 | $ (176,806) | $ (6,665,860) | $ 138,925 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (63,132) | $ (33,271) |
Accounts payable and accrued liabilities | 2,679 | (24,715) |
Net Cash Used in Operating Activities | (60,453) | (57,986) |
Cash Flow from Investing Activities: | ||
Purchase of a license | 0 | (35,051) |
Purchase of property and equipment | (76,297) | 0 |
Net Cash Provided by (Used in) Investing Activities | (76,297) | (35,051) |
Cash Flows from Financing Activities: | ||
Proceeds from issuance of the Company and subsidiary common stock | 0 | 150,000 |
Collection of subscriptions receivable | 165,000 | 0 |
Proceeds from short term advances - related parties | 0 | 64,700 |
Cash Flows Provided by Financing Activities: | 165,000 | 214,700 |
Net Change in Cash | 28,250 | 121,663 |
Cash at Beginning of Period | 1,043 | 4,477 |
Cash at End of Period | 29,293 | 126,140 |
Supplement Disclosure of Cash Flow Information: | ||
Cash paid for interest | 0 | 0 |
Cash paid for income taxes | $ 0 | $ 0 |
Organization and Business
Organization and Business | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
Organization and Business | NOTE 1 ORGANIZATION AND BUSINESS On June 13, 2012, the Board of Directors of Geo Point Technologies, Inc., a Utah corporation (Geo Point Utah), approved a stock dividend that resulted in a spin-off (Spin-Off) of TORtec Group Corporation (formerly Geo Point Resources, Inc.) (the "Company") common stock to the Geo Point Utah stockholders, pro rata, on the record date (the Record Date). Prior to the Spin-Off, the Company was a wholly-owned subsidiary of Geo Point Utah. The Company was incorporated on June 13, 2012, comprising all of Geo Point Utahs Environmental and Engineering Divisions assets, business, operations, rights or otherwise, along with its Hydrocarbon Identification Technology License Agreement with William C. Lachmar dated January 31, 2008. The Spin-Off had a Record Date of January 17, 2013; an ex-dividend date of January 15, 2013; and a Spin-Off payment date of April 22, 2013. |
TORtec Share Exchange Agreement
TORtec Share Exchange Agreement Disclosure | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
TORtec Share Exchange Agreement Disclosure | On November 22, 2017, the Company entered into a Share Exchange Agreement (the Agreement). The transaction closed on December 4, 2017, with TORtec Group, Inc., a Wyoming corporation (TORtec) and all of the shareholders of TORtec, pursuant to which the Company acquired 100% of the issued and outstanding shares of common stock of TORtec. Under the terms of the Agreement, a total of 90,000,000 shares of the Companys common stock were issued to the TORtec shareholders as consideration in exchange for all 10,000,000 issued and outstanding shares of TORtec common stock being transferred to the Company, making TORtec a wholly-owned subsidiary of the Company. As a result, the TORtec shareholders collectively own ninety percent (90.0%) of our issued and outstanding shares of our common stock immediately following the acquisition. Effective November 16, 2018, the Company changed its name from Geo Point Resources, Inc. to TORtec Group Corporation. TORtec Group, Inc. On September 9, 2017, TORtec entered into General Agreement No. US-17 on cooperation and joint activities on commercialization of TOR-technologies, introduction of new productions, products and services in the markets of North, Central and South America (the Exclusive License Agreement) with the parties that invented the TOR-technology. The Exclusive License Agreement grants to TORtec an exclusive license to utilize the technology for certain purposes throughout North, Central and South America. The TOR-technology equipment is best described as a cascaded adiabatic resonance vortex mill utilizing compressed air as the energy in the system. This proprietary technology includes the ability to size and classify material processed by elemental composition and specific gravity. In some cases, the quality and composition of the materials and liquids processed are new. This TOR-technology has the potential to influence the efficiency and quality of the micro-pulverization industry for re-mineralizing soil, conserve energy, cleanup and extract value from mining waste piles and to create new bio-products and metal-ceramic composites. |
Risks and Uncertainties
Risks and Uncertainties | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
Risks and Uncertainties | Risks and Uncertainties On January 30, 2020, the World Health Organization declared the coronavirus outbreak (COVID-19) a Public Health Emergency of International Concern and on March 10, 2020, declared it to be a pandemic. Actions taken around the world to help mitigate the spread of the coronavirus include restrictions on travel, and quarantines in certain areas, and forced closures for certain types of public places and businesses. The coronavirus and actions taken to mitigate it have had and are expected to continue to have an adverse impact on the economies and financial markets of many countries, including the geographical area in which the Company operates. The impact of COVID-19 to our operations had been minimal as we are currently still developing our key product for which development has continued. However, due to the continued uncertainty around COVID-19 the additional effects of the potential impact cannot be predicted at this time. The Company has a limited operating history and has not generated revenues from our planned principal operations. The Company's business and operations are sensitive to general business and economic conditions in the U.S. and worldwide. These conditions include short-term and long-term interest rates, inflation, fluctuations in debt and equity capital markets and the general condition of the U.S. and world economy. A host of factors beyond the Company's control could cause fluctuations in these conditions, including the political environment and acts or threats of war or terrorism. Adverse developments in these general business and economic conditions, including through recession, downturn or otherwise, could have a material adverse effect on the Company's consolidated financial condition and the results of its operations. The Company currently has no sales and limited marketing and/or distribution capabilities. The Company has limited experience in developing, training or managing a sales force and will incur substantial additional expenses if we decide to market any of our current and future products. Developing a marketing and sales force is also time consuming and could delay launch of our future products. In addition, the Company will compete with many companies that currently have extensive and well-funded marketing and sales operations. Our marketing and sales efforts may be unable to compete successfully against these companies. In addition, the Company has limited capital to devote sales and marketing. The Company's industry is characterized by rapid changes in technology and customer demands. As a result, the Company's products may quickly become obsolete and unmarketable. The Company's future success will depend on its ability to adapt to technological advances, anticipate customer demands, develop new products and enhance our current products in development on a timely and cost-effective basis. Further, the Company's products must remain competitive with those of other companies with substantially greater resources. The Company may experience technical or other difficulties that could delay or prevent the development, introduction or marketing of new products or enhanced versions of existing products. Also, the Company may not be able to adapt new or enhanced products to emerging industry standards, and the Company's new products may not be favorably received. Nor may we have the capital resources to further the development of existing and/or new ones. |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
Discontinued Operations | Discontinued Operations In February 2018, due to the untimely death of Bill Lachmar, the Companys president, the Company ceased the operations of the Environmental and Engineering Divisions. The Company has reflected these operations as discontinued operations in the accompanying condensed consolidated financial statements. The related disclosures have not been presented due to the amounts being insignificant to the condensed consolidated financial statements taken as a whole. Discontinued operations did not impact the condensed consolidated statements of cash flows during the three months ended June 30, 2020 and 2019. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
Summary of Significant Accounting Policies | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Going Concern The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As reflected in the condensed consolidated financial statements, the Company has incurred significant current period losses, negative cash flows from operating activities, has negative working capital, and an accumulated deficit. These conditions, among others, raise substantial doubt about the Companys ability to continue as a going concern. Managements plans regarding these matters, if needed, include raising additional debt or equity financing. The terms of which might not be acceptable to the Company. The accompanying condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Interim Condensed Consolidated Financial Statements The accompanying unaudited interim condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. In opinion of management, all adjustments and disclosures necessary for a fair presentation of these condensed consolidated financial statements have been included. Such adjustments consist of normal recurring adjustments. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended March 31, 2020. The results of operations for the three months ended June 30, 2020 are not indicative of the results that may be expected for the full year. Basis of Accounting The Companys condensed consolidated financial statements are stated in United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP). Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries TORtec, TORtec Titan+, and its 50.1% owned subsidiary, TORtec Nanosynthesis Corp. All significant intercompany transactions have been eliminated in the consolidation. TORtec's operations have been included from its date of acquisition, see Note 1 for additional information. TORtec Titan+ does not have any operations. TORtec Nanosynthesis Corp. commenced operations during the third quarter of fiscal 2020 and has consisted primarily of research and development expenditures. See Note 6 for non-controlling interest. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes to condensed consolidated financial statements. Actual results could differ from those estimates. Significant estimates made by management include allowance for doubtful accounts, the useful life of property and equipment and impairment of long-lived assets. Fair Value of Financial Instruments The Company complies with the accounting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820-10, Fair Value Measurements, The guidance also establishes a fair value hierarchy for measurements of fair value as follows: · · · As of June 30, 2020 and March 31, 2020, the Company did not have Level 1, 2, or 3 financial assets or liabilities. Financial instruments consist of cash, subscriptions receivable, payables, and advances from related parties. The fair value of financial instruments approximated their carrying values as of June 30, 2020 and March 31, 2020, due to the short-term nature of these items. Basic and Diluted (Income) Loss per Common Share Basic income (loss) per common share is calculated by dividing net loss by the weighted average common shares outstanding during the period. Diluted income (loss) per common share reflects the potential dilution to basic earnings per share that could occur upon conversion or exercise of securities, options, or other such items to common shares using the treasury stock method, based upon the weighted average fair value of the Companys common shares during the period. For the three months ended June 30, 2020 and 2019, the Company did not have any dilutive securities. Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 840), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments in this standard are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, for a public entity. Early adoption of the amendments in this standard is permitted for all entities and the Company must recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. As the Company is considered an emerging growth company, the Company expects to adopt this standard during its fiscal year ended March 31, 2022. The Company does not expect the adoption of this new standard to have a material impact on its financial statements and related disclosures due to currently having one qualifying lease. Recent Accounting Pronouncements The FASB issued ASUs to amend the authoritative literature in ASC. There have been a number of ASUs to date that amend the original text of ASC. The Company believes those issued to date either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to the Company or (iv) are not expected to have a significant impact on the Company's operations. |
Property and Equipment
Property and Equipment | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
Property and Equipment | NOTE 3 FINANCIAL STATEMENT ELEMENTS Property and Equipment Property and equipment consist of the Company's Tornado M which was received during fiscal 2019. The Company is currently making additional expenditures in order for the Tornado M to be put into production. Thus, as of June 30, 2020 and March 31, 2020, the Tornado M is considered construction in progress for which depreciation hasn't commenced. The Company expects to depreciate costs related to the Tornado M over the period of ten years. See Note 1 for additional information. |
License
License | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
License | License On April 12, 2019, the Company, through TORtec Titan+, entered into a perpetual license for the use of certain technologies with an entity controlled by the Chairman of the Board of Directors. Under the terms of the agreement, the Company paid $35,051 for the rights and will provide future royalties of 10% of the subsidiaries' net income. The Company expects to use the technology in connection with its Tornado M. |
Short Term Advances
Short Term Advances | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
Short Term Advances | NOTE 4 SHORT TERM ADVANCES From time to time, Capital Vario, a shareholder of the Company, advances monies for operations. The advances do not incur interest and are due on demand. During the three months ended June 30, 2020, Capital Vario advanced the Company an additional $64,700 for which the proceeds were used for operations and development of the Tornado M. The balance due to Capital Vario at June 30, 2020 and March 31, 2020 was $$288,690. The advances have been reflected as "short term advances - related parties" on the accompanying condensed consolidated balance sheets. No amounts have been advanced by Capital Vario subsequent to June 30, 2020. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
Commitments and Contingencies | NOTE 5 COMMITMENTS AND CONTINGENCIES The Company does not have any pending or threatened litigation. In October 2019, the Company entered into a lease within an initial term of two years. The lease required a deposit of $3,000 and a minimum monthly lease payment of $2,500. In addition, the Company is liable for 50% of property taxes, utilities, etc which are payable to the landlord. Rent expense for the three months ended June 30, 2020 was $8,792 . |
Shareholders' Deficit
Shareholders' Deficit | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
Shareholders' Deficit | NOTE 6 - SHAREHOLDERS EQUITY In May 2019, the Company sold 15,000 shares of common stock for proceeds of $150,000. Included in the stock purchase agreement was the sale of 10% interest in TORtec Nanosynthesis Corp., which was incorporated in May 2019. The Company closed the transaction on March 31, 2020 for which the required shares were issued. As of March 31, 2020, subscriptions receivable were $165,000, for which $5,000 was from a related party. The proceeds from the subscriptions were received on April 2, 2020. Non-controlling interest disclosed within the condensed consolidated statement of operations represents the minority ownership of 49.9% share of net losses of TORtec Nanosynthesis Corp. incurred during the three months ended June 30, 2020. See Note 1 for disclosure of additional shares. |
Related Party Transactkion
Related Party Transactkion | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
Related Party Transactkion | NOTE 7 - RELATED PARTY TRANSACTION See Notes 3 for the purchase of a license, 4 for short-term advances and 6 for collection of subscription receivable, for additional related party transactions. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
Subsequent Events | NOTE 8 - SUBSEQUENT EVENTS In August 2020, the Company received a $20,000 loan from a director of the Company. The loan doesnt incur any interest and is due upon demand. The Company has evaluated subsequent events after June 30, 2020, through the date of this filing, noting no additional items which need to be disclosed within the accompanying notes to the condensed consolidated financial statements other than those disclosed above. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
Policies | |
Going Concern | Going Concern The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As reflected in the condensed consolidated financial statements, the Company has incurred significant current period losses, negative cash flows from operating activities, has negative working capital, and an accumulated deficit. These conditions, among others, raise substantial doubt about the Companys ability to continue as a going concern. Managements plans regarding these matters, if needed, include raising additional debt or equity financing. The terms of which might not be acceptable to the Company. The accompanying condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Interim Financial Statements | Interim Condensed Consolidated Financial Statements The accompanying unaudited interim condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. In opinion of management, all adjustments and disclosures necessary for a fair presentation of these condensed consolidated financial statements have been included. Such adjustments consist of normal recurring adjustments. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended March 31, 2020. The results of operations for the three months ended June 30, 2020 are not indicative of the results that may be expected for the full year. Basis of Accounting The Companys condensed consolidated financial statements are stated in United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP). |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries TORtec, TORtec Titan+, and its 50.1% owned subsidiary, TORtec Nanosynthesis Corp. All significant intercompany transactions have been eliminated in the consolidation. TORtec's operations have been included from its date of acquisition, see Note 1 for additional information. TORtec Titan+ does not have any operations. TORtec Nanosynthesis Corp. commenced operations during the third quarter of fiscal 2020 and has consisted primarily of research and development expenditures. See Note 6 for non-controlling interest. |
Use of Estimates, Policy | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes to condensed consolidated financial statements. Actual results could differ from those estimates. Significant estimates made by management include allowance for doubtful accounts, the useful life of property and equipment and impairment of long-lived assets. |
Fair Value of Financial Instruments, Policy | Fair Value of Financial Instruments The Company complies with the accounting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820-10, Fair Value Measurements, The guidance also establishes a fair value hierarchy for measurements of fair value as follows: · · · As of June 30, 2020 and March 31, 2020, the Company did not have Level 1, 2, or 3 financial assets or liabilities. Financial instruments consist of cash, subscriptions receivable, payables, and advances from related parties. The fair value of financial instruments approximated their carrying values as of June 30, 2020 and March 31, 2020, due to the short-term nature of these items. |
Earnings Per Share, Policy | Basic and Diluted (Income) Loss per Common Share Basic income (loss) per common share is calculated by dividing net loss by the weighted average common shares outstanding during the period. Diluted income (loss) per common share reflects the potential dilution to basic earnings per share that could occur upon conversion or exercise of securities, options, or other such items to common shares using the treasury stock method, based upon the weighted average fair value of the Companys common shares during the period. For the three months ended June 30, 2020 and 2019, the Company did not have any dilutive securities. |
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 840), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments in this standard are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, for a public entity. Early adoption of the amendments in this standard is permitted for all entities and the Company must recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. As the Company is considered an emerging growth company, the Company expects to adopt this standard during its fiscal year ended March 31, 2022. The Company does not expect the adoption of this new standard to have a material impact on its financial statements and related disclosures due to currently having one qualifying lease. Recent Accounting Pronouncements The FASB issued ASUs to amend the authoritative literature in ASC. There have been a number of ASUs to date that amend the original text of ASC. The Company believes those issued to date either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to the Company or (iv) are not expected to have a significant impact on the Company's operations. |
TORtec Share Exchange Agreeme_2
TORtec Share Exchange Agreement Disclosure (Details) - shares | 3 Months Ended | ||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2017 | |
Details | |||
Stock Issued During Period, Shares, Acquisitions | 90,000,000 | ||
Common Stock, Shares, Issued | 100,074,854 | 100,074,854 | 10,000,000 |
License (Details)
License (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Details | ||
Purchase of a license | $ 0 | $ 35,051 |
Short Term Advances (Details)
Short Term Advances (Details) - USD ($) | Aug. 01, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 |
Details | ||||
Proceeds from short term advances - related parties | $ 20,000 | $ 0 | $ 64,700 | |
Short term advances - related parties | $ 288,690 | $ 288,690 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 3 Months Ended |
Jun. 30, 2020USD ($) | |
Details | |
Lease Deposit Liability | $ 3,000 |
Capital Leases, Contingent Rental Payments Due | 2,500 |
Operating Leases, Rent Expense | $ 8,792 |
Shareholders' Deficit (Details)
Shareholders' Deficit (Details) - USD ($) | 3 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | |
Details | |||
Stock Issued During Period, Shares, New Issues | 15,000 | ||
Proceeds from issuance of the Company and subsidiary common stock | $ 0 | $ 150,000 | |
Subscriptions receivable | 0 | $ 165,000 | |
Common Stock Subscriptions Related Parties | $ 5,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Aug. 01, 2020 | Jun. 30, 2020 | Jun. 30, 2019 |
Details | |||
Proceeds from short term advances - related parties | $ 20,000 | $ 0 | $ 64,700 |